Asia's liquefied natural gas market is being distorted as the cost of LNG b...
SINGAPORE - Asia’s liquefied natural gas market is being distorted as the cost of LNG bought under long-term contracts linked to oil prices jumps to double spot gas cargoes amid tighter U.S. sanctions on Iran’s crude exports and cuts in OPEC oil supply.
That comes as record supplies of LNG keep spot prices low, while prices under term contracts rise in tandem with oil. Brent-indexed LNG costs around $10.50 per million British thermal units at the moment, while the spot price is just above $5 per mmBtu. Oil-linked term cargoes make up around two-thirds of supply in Asia, the world’s top LNG-consuming region. Long-term LNG contracts are typically linked to oil prices as there are no uniform global prices for gas.
DQTs are standard provisions allowing buyers to purchase less LNG than their full annual contract quantity, without incurring penalties.
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