Natural Gas News – October 7, 2021
Natural Gas News – October 7, 2021
A cargo ship of LNG costs $281m. It was just $10m in 2020
Soaring international gas prices have triggered a near 30-fold spike in the value of a single spot cargo ship of LNG to more than $US205 million ($281.8 million) in a price surge that delivers a windfall to gas producers but threatens to derail the global economic recovery. Woodside Petroleum, a beneficiary of soaring prices for liquefied natural gas, voiced worries about fall-out from the “extreme” prices as Asian tariffs took yet another leap higher. The 40 per cent surge in Asian benchmark LNG prices to more than $US56 per million British thermal units, while shortlived, has sent shockwaves through the global gas market, given the cold Northern Hemisphere winter has yet to kick in. At that one-off price, a typical cargo of 70,000 tonnes of LNG costs about $US205 million, up from less than $US7.3 million in June… For more info go to https://bit.ly/3adVZT8
LNG shipping rates climb to multi-month highs on demand for vessels
Freight rates to ship liquefied natural gas (LNG) rose to multi-month highs this week as a surge in demand for the super-chlled fuel has increased the need for vessels to move supplies, multiple trade and shipping sources said. The daily charter rate for a tri-fuel diesel-electric (TFDE) vessel that can carry 160,000 cubic metres of LNG to Pacific basin ports rose to $76,000 a day on Tuesday, the highest since February, according to data from Spark Commodities. For the same type of ship moving in the Atlantic Basin, the rate rose to $67,750 a day, the highest since August, Spark data showed. European TRNLTTFMc1 and Asian LNG-AS natural gas benchmarks have surged to record highs and U.S. prices NGc1 have climbed to a 12-year high as demand for the fuel has increased amid low inventories. “R… For more info go to https://bit.ly/3BqmYH6
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