March 13, 2019 / 10:19 AM / 4 months ago

Gunvor, DXT lowest bidders in Pakistan LNG tender

LONDON (Reuters) - Trading houses Gunvor and DXT Commodities made the lowest bids to supply liquefied natural gas to Pakistan between May and June of this year in a six-cargo tender, according to Pakistan LNG tender documents on Wednesday.

The documents showed DXT had the lowest bids for a cargo for May 1-2 delivery at 9.2783 percent of Brent crude oil prices, for May 27-28 delivery at 9.6816 percent and for June 29-30 delivery at 9.9201 percent.

Gunvor had the lowest bids for a May 11-12 cargo at 9.5739 percent, May 16-17 at 9.7270 percent and June 14-15 at 9.9387 percent.

The prices, expressed in the document as crude oil slope or the numerical percentage of Brent crude price, are a valuable pointer for the opaque LNG market.

A cargo priced at 9.3 percent of Brent is about $6.23 per million British thermal units (mmBtu). Spot Asian prices for April were heard last week at $5.70 and below $6 for May.

Reporting by Sabina Zawadzki; Editing by Kirsten Donovan

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