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By Oleg Vukmanovic
MILAN Feb 13 Asian spot prices for LNG delivery
in March fell during the week ended Feb. 10 on weak demand and
steady supplies despite loading disruptions caused by bad
weather at some Australian ports.
Companies including U.S. LNG producer Cheniere Energy and
Royal Dutch Shell were said by traders to be offering several
cargoes over coming months, helping accelerate a downward trend
in spot prices since January.
Spot prices for March delivery were seen at around $7.20 per
million British thermal units (mmBtu), 30 cents below the last
assessment level, while April prices dipped below the $7 per
mmBtu mark, traders said.
In one of the biggest tender awards so far in 2017,
Argentina filled requirements for 16 shipments over
April-August, awarding 11 to Trafigura, three to Glencore and
two to Cheniere.
The transactions were done at a premium to gas prices at the
UK's National Balancing Point (NBP) trading hub, varying in size
depending on which of Argentina's terminals the gas would be
delivered to, they said.
Deliveries to Argentina's Bahia Blanca terminal, for
example, show a 30-40 cent premium to NBP, some sources said.
April gas prices at the NBP currently traded around $6.40
Loading of cargoes from Australia's North West Shelf (NWS)
liquefaction plant were briefly halted due to bad weather last
week, shrugged off by traders as a fleeting hindrance.
Thailand's state-owned oil and gas firm PTT is seeking an
LNG shipment for the second half of March via a tender which
will close on Feb. 15. The Thai firm was looking for a "wide
spec" LNG cargo that means offers for lean or slightly-rich gas
will be considered.
Meanwhile, Britain is to take in its first-ever LNG from
Peru later this month as converging prices between the two
global benchmarks - the UK's NBP gas trading hub and Asian spot
prices - made it more attractive to offload cargoes in Europe.
(Editing by Adrian Croft)