ever LNG was a buyer's market

admin 2015-02-05 14:23
  In the mid-1990s, LNG was a buyer's market. At the request of buyers, the SPAs began to adopt some flexibilities on volume and price. The buyers had more upward and downward flexibilities in TOP, and short-term SPAs less than 16 years came into effect. At the same time, alternative destinations for cargo and arbitrage were also allowed. By the turn of the 21st century, the market was again in favor of sellers. However, sellers have become more sophisticated and are now proposing sharing of arbitrage opportunities and moving away from S-curve pricing. There has been much discussion regarding the creation of an "OGEC" as a natural gas equivalent of OPEC. Russia and Qatar, countries with the largest and the third largest natural gas reserves in the world, have finally supported such move.
  Until 2003, LNG prices have closely followed oil prices. Since then, LNG prices in Europe and Japan have been lower than oil prices, although the link between LNG and oil is still strong. In contrast, prices in the US and the UK have recently skyrocketed, then fallen as a result of changes in supply and storage.In late 1990s and in early 2000s, the market shifted for buyers, but since 2003 and 2004, it has been a strong seller's market, with net-back as the best estimation for prices.
  Research from QNB Group in 2014 shows that robust global demand is likely to keep LNG prices high for at least the next few years.
  The current surge in unconventional oil and gas in the U.S. has resulted in lower gas prices in the U.S. This has led to discussions in Asia' oil linked gas markets to import gas based on Henry Hub index.Recent high level conference in Vancouver, the Pacific Energy Summit 2013 Pacific Energy Summit 2013 convened policy makers and experts from Asia and the U.S. to discuss LNG trade relations between these regions.
  Receiving terminals exist in about 18 countries, including India, Japan, Korea, Taiwan, China, Greece, Belgium, Spain, Italy, France, the UK, the US, Chile, and the Dominican Republic, among others. Plans exist for Argentina, Brazil, Uruguay, Canada, Ukraine and others to also construct new receiving (gasification) terminals.

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