Gunvor and PetroChina placed the lowest offers for a tender by Pakistan LNG to buy four liquefied natural gas (LNG) cargoes for delivery in September, two industry sources said on Wednesday.
Offers suggest that spot prices for LNG are expected to climb to above $15 per million British thermal units (mmBtu) this week, a new multi-month high.
Gunvor placed the lowest offer of $15.397 per million British thermal units (mmbtu) for two cargoes to be delivered over Sept. 6 to 7 and Sept. 17 to 18 and $15.497 per mmBtu for a cargo to be delivered over Sept. 12-13, the sources said.
PetroChina placed the lowest offer for a cargo to be delivered over Sept. 27-28 at $15.1998 per mmBtu, they said.
Other companies which participated in the tender to supply cargoes include BP, Trafigura, TotalEnergies, Vitol and POSCO, one of the sources said.
Oil nears $75 as US inventory drop counters virus concerns
More offers were placed for the late September cargo compared with the earlier dates, indicating a likely shortage of supply, a second source said.