Natural gas prices fell in early trading of the week. (Photo: Energy Capital & Power)

Asia’s liquefied natural gas (LNG) prices fell for a second straight week, trailing a decline in Europe’s wholesale gas prices after the Russian president announced Gazprom could start pumping gas in soon. warehouse in Europe, reducing competition for Asia.

Industry sources said that the average price of LNG delivered in December 2021 in Northeast Asia has dropped to $31/mmBTU, down $3.50, or about 10% from the previous week.

According to traders, lower demand was seen in the Chinese and Indian markets, where buyers have largely stayed on the sidelines this week despite the energy crisis caused by high prices.

“China seems to be ramping up refinery production and using more coal, so LNG demand is trending down,” said a Singapore-based trader.

Japanese buyers, including utility companies and at least one gas company, are looking for goods for the coming winter as they anticipate a spike in heating demand.

Earlier this week, Thailand’s PTT bought two shipments for delivery in November and December at just over $33/mmBTU. Meanwhile, Argentina’s IEASA is estimated to have purchased a shipment for delivery in December for around $37/mmBTU.

Currently, Singapore’s Pavilion Energy is working with the energy regulator to ensure a good supply to the domestic market, Reuters reported.

Domestic gas prices

Pacific Petroleum Import-Export Trading Joint Stock Company announced that from November 1, gas prices of Pacific Petro, City Petro, Vimexco Gas increased by 17,000 VND / 12kg bottle and 64,5000 VND / 45kg bottle.

Thus, the retail price to consumers is up to 501,000 VND/ 12kg bottle, 536,000 VND VIP/12kg plastic bottle and 1,877,500 VND/45kg bottle.

Similarly, Ho Chi Minh City Petroleum Company Limited (Saigon Petro) also informed: From November 1, gas prices increased by 17,000 VND / 12kg bottle. Thus, the maximum retail gas price to consumers is 478,500 VND/12kg bottle.

According to gas companies, because the world gas price in November announced $ 850 / ton, an increase of 52.5 USD compared to October, so companies adjusted the increase accordingly. This is the 9th month in 2021 that gas prices have increased in a row.

T&G International Joint Stock Company

Address: 352 Hue Street, Le Dai Hanh Ward, Hai Ba Trung District, Hanoi

Hotline: 0345786803

Email: hrm@tginterjsc.com

Website: http://tginternationaljsc.com