Sumary of Singapore LNG Corp scouts for spot cargoes as electricity futures surge:
- SINGAPORE (REUTERS) – Singapore LNG Corp (SLNG) is making enquiries about buying LNG cargoes from the spot market, a rare move for the operator of the city state’s liquefied natural gas (LNG) terminal, industry sources said on Wednesday (Oct 13).
- SLNG is looking for LNG in the spot market privately, four sources said, with one of them adding that it is seeking up to two cargoes for delivery into Singapore next month.
- It was not immediately clear why SLNG was seeking the cargoes or if the request was firm.
- It is unusual for Singapore to seek spot LNG cargoes as the country is typically adequately supplied with LNG through long-term deals and gas imports from Indonesia via a pipeline.
- Spot LNG prices in Asia surged to record highs last week while Brent crude oil futures spiked to multi-year highs this week.