LNG Market News
German gas consumption rebounded sharply in the week to Apr 21 due to colder weather, with stocks at 67.2% of capacity compared with 69.1% the previous week.
Egypt has paused all LNG exports from May onwards to meet its domestic needs and has switched to imports for the first time since 2018.
A wave of exceptionally hot weather has permeated into South and Southeast Asia, with warnings of dangerously hot weather reported across parts of the Philippines, Thailand, Bangladesh and India.
Oman LNG is reportedly looking to expand production with a planned fourth train to add 30% to existing capacity in an attempt to fill a potential shortage seen in 2029 and onward.
Japanese trade house Mitsui is reportedly taking a 10% stake in UAE’s planned 9.6 million mt/year Ruwais LNG project. This participation will be alongside BP, Shell and TotalEnergies holding a 10% stake each.
Equinor expects European gas prices to be a function of global LNG trade, with long-term prices in Europe being dependent on Europe-Asia LNG competition.
Argentina’s Enarsa has bought 10 LNG cargoes, 9 from BP and 1 from Glencore in an attempt to replenish LNG stocks ahead of winter-time power generation.
UK-based Avenir LNG has ordered two 20,000 cubic metre LNG bunkers, and supply ships to be built in China. The ships are schedules to be delivered in Q4 2026 and Q1 2027, and will boost the company’s fleet by 40% to a total capacity of 80%.
China’s CNOOC has lifted its oil and gas production by 8.7% year-on-year to 1.98 million boe/day in Q1 2024, surpassing targets due to strong growth overseas.
Gaz-System has signed a contract with White Eagle Energy, part of Mitsui’s OSK Lines group, to charter Poland’s first floating LNG storage and regasification units.
China’s Cosco Shipping Lines and Orient Overseas Container Line (OOCL) have placed an order for the supply of methanol-fuelled auxiliary engines from Wartsila, some of which are expected to begin operating by 2026.
