Gorgon Train 2 has been shut down for maintenance since May, with its restart date delayed from September to July. Two other trains were also ordered to be inspected following safety concerns
London (Natural Energy News): Asian gas natural gas (LNG) prices reached a six-month high this week due to concerns over production from the Gorgon plant in Australia and demand from some buyers in the region.
Average LNG prices for September delivery in Northeast Asia were estimated at between $ 3.60 and $ 3.80 per million British thermal units (mmBtu), $ 0.60 per mmBtu, above the previous week's level. The price for October delivery was seen at between $ 3.80 and $ 4.00 per mmBtu.
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This is the first time since the end of January when prices soared to levels near $ 4.00 per MMBtu, Reuters data showed.
Gorgon Train 2 has been closed for maintenance since May, with its restart date delayed from September to July. Two other trains were also ordered to be inspected following safety concerns.
Traders said that plant officials have purchased several cargoes in the last two weeks to replace Gorgon volumes.
He said that some buyers in Japan, China and India are also buying goods, but overall demand is still low.
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China's Schengen Energy has purchased September delivery cargo at $ 3.40- $ 3.50 per mmBtu, two industry sources said.
Indian Oil Corp purchased goods at the end of September for about $ 3.40 per MMBtu.
Reliance Industries of India bought SK and P Global Platts Japan Korea Marker (JKM) October delivery consignment at a discount of $ 0.15 and November cargo at a discount of $ 0.45 for JKM, two trade sources said.
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The Bangladesh state-run Converged Natural Gas Company plans to issue a tender for the country's first spot cargo next month.
European gas prices declined after last week's rise but were still hovering at 4-month highs, with traders expecting more cargo to arrive in Europe in September and October following the price increase.
.JPG)
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