New Delhi [India], August 3 (ANI): The volume of US LNG exports to India reached 45,269 million cubic feet in May 2024, according to US Energy Information Administration (EIA) figures.
The latest data from the U.S. Energy Information Administration (EIA) reveals that liquefied natural gas (LNG) exports from the United States to India have shown noteworthy developments in recent months.
The price of US LNG exports to India has seen a notable decrease over the first half of 2024.
In January 2024, the cost was USD 6.57 per thousand cubic feet. By May 2024, this price had dropped to USD 5.32 per thousand cubic feet.
This decline in pricing is reflective of broader trends in the global LNG market and could influence India’s energy procurement strategies moving forward.
According to S&P Global Commodity Insights, India has been a destination for US LNG, particularly in light of the hotter-than-expected temperatures that have driven up demand in the Asia-Pacific region.
In June, India was among the top destinations for US LNG, highlighting its crucial role in the regional energy market.
China and South Korea emerged as the top destinations for US LNG in July, each receiving 11 cargoes.
India, alongside the Netherlands and Argentina, each received eight cargoes. This marked a shift as European destinations, including Turkey, saw a drop in US LNG imports, receiving only 34 cargoes in July, which is less than one-third of the total US LNG cargoes delivered that month.
The increase in US LNG prices comes amidst global supply concerns, including maintenance issues in Norway, tensions in the Middle East, and supply disruptions in Australia.
This decline in US LNG cargoes to Europe, coupled with increased shipments to the Asia-Pacific region, illustrates the shifting dynamics in global LNG trade patterns.
The Pacific Basin’s rising demand, particularly in Southeast Asia, has been a significant factor in this trend.
Despite this, the month saw a decline in loadings to 98 cargoes from 110 in June, partly due to disruptions at the Freeport LNG export terminal, which experienced a shutdown ahead of Hurricane Beryl’s landfall.
The storm caused damage and power outages, affecting feed gas deliveries and delaying terminal operations. Despite the surge in regional demand, global LNG market fundamentals have been largely bearish as August began.
European storage levels remain robust, and buying interest from South Asia and China has been subdued.
However, supply concerns have driven up prices in the Atlantic basin. For instance, Platts assessed the September JKM benchmark price for LNG delivered to Northeast Asia at USD 12.915/MMBtu on August 2, a 0.5% increase from the previous day. (ANI)
Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News
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