• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 59 mins Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 6 hours Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 8 mins Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 4 hours Did China cherry-pick the factors that affected the economic slow-down?
  • 5 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 3 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 3 days Nord Stream - US/German consultations
  • 5 days An Indian Opinion on What is Going on in China
  • 409 days Class Act: Bet You've Never Seen A President Do This.
  • 3 days Australia sues Neoen for lack of power from its Tesla battery
  • 2 days Forecasts for Natural Gas
  • 5 days Storage of gas cylinders
U.S. Oil Stocks Are Seriously Undervalued Right Now

U.S. Oil Stocks Are Seriously Undervalued Right Now

Oil prices have rallied more…

Why Is Europe So Divided On Nuclear Energy?

Why Is Europe So Divided On Nuclear Energy?

Though nuclear energy has many…

Pakistan Struggles To Find LNG Amid Gas Crisis

Pakistan is looking to buy liquefied natural gas (LNG) for the winter, but it couldn’t find any sellers in a recent tender, which highlights the fact that the natural gas market in Asia is tight.

Pakistan has issued a tender seeking eight LNG cargoes for delivery in December and January, but has not received any bids, according to a document from Pakistan LNG.

Industry sources told Reuters that the main driver behind the lack of offers was the long validity period of the offers, 15 days, considering the volatile prices of spot LNG cargoes in Asia right now.

It was not immediately clear if Pakistan will re-issue the tender at a later stage.

Pakistan is one of the price-sensitive buyers of spot LNG cargoes in Asia, but it still needs spot supply on top of its contractual term LNG deliveries to meet gas demand and avert a power crisis.

Pakistan is likely to slash spot LNG purchases this winter to avoid the record-high prices, which could result in a gas crisis in the country, Pakistani outlet The Express Tribune reported earlier this month.

High import prices of LNG will impact Pakistan’s finances, if the country manages to attract offers for cargoes, analysts say.

Pakistan’s predicament comes amid a global natural gas crunch and surging prices for the fuel in Europe and Asia.

Last week, natural gas prices in Europe hit a fresh record high to the equivalent of $205 a barrel oil, based on the relative value of the same quantity of energy from each source. The worsening global energy crisis sent Asia’s spot LNG prices soaring by 40 percent last Wednesday, as a cargo for delivery into North Asia in November was priced at as much as $56 per million British thermal units (mmBtu)—a record high that beat the previous record from the week prior of $34.52/mmBtu.  

By Charles Kennedy for Oilprice.com

More Top Reads from Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News