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Papua New Guinea LNG plant sells April cargo at nearly $4/mmbtu

Exxon Mobil Corp’s Papua New Guinea liquefied natural gas (LNG) export plant has sold a cargo for loading in April at close to $4 per million British thermal units (mmBtu), four industry sources said.

The 4.05 trillion British thermal unit (TBtu) cargo is for loading on April 25, they added.

Details of the buyer could not immediately be confirmed and companies typically do not comment on spot trades.

The cargo sold by the Papua New Guinea plant is a jump of almost 40 cents per mmBtu, or about 11%, from a deal concluded in Singapore on Tuesday, traders said.

Commodities trader Vitol sold a 3.3-3.5 TBtu cargo to Diamond Gas International at $3.60 per mmBtu on Tuesday during price agency S&P Global Platt’s pricing process known as market-on-close, according to Platts data.

Bigger cargoes typically command a premium, trade sources said, indicating the latest deal does not necessarily reflect a big jump in prices.

But overall demand from China, the world’s second-largest LNG importer, is improving, which could stoke spot prices, traders said.

Reporting by Jessica Jaganathan; Editing by Christian Schmollinger and Kenneth Maxwell

Copyright © 2019. All market data is provided by Barchart Solutions. Futures: at least a 10 minute delay. Information is provided 'as is' and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.

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GasPro 2.0: A Webcast Symposium

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Following on the heels of the highly successful GasPro 2.0 Webcast Symposium in October 2018, the second GasPro Webcast Symposium 2.0 will take place on October 24, 2019.

The 2019 web event will gather experts in the fields of LNG, gas processing, and gas transport/distribution to share their operations expertise, engineering and design solutions, and technology advances and trends with our audience.

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October 24, 2019 08:30 AM CDT

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