Key Price Index
July 9, 2021
Brent crude oil spot prices averaged US$68/barrel in May’21, up US$4/barrel from Apr’21. EIA expects Brent prices to remain near current levels in Q3’21, averaging US$68/barrels. They are expected to decline to an average of US$60/barrel in 2022.
Henry Hub Spot Price
Henry Hub Natural Gas spot price averaged US$2.91/MMBtu in May’21, up from US$2.66/MMBtu in the previous month. The Henry Hub spot price is expected to average US$2.92/MMBtu in Q3’21 and US$3.07/MMBtu for all of 2021.
LNG Vs Alternative Fuels
LNG prices continued to be at a significant discount over other alternative fuels in May’21. Spot LNG prices was 51% and 55% cheaper than FO and LPG respectively.
LNG prices by Contract Type
Average spot LNG prices in May’21 were 49% higher Y-o-Y. The average term LNG prices also jumped by 36% Y-o-Y in May’21.
Domestic Natural Gas prices
The price of domestically produced Natural Gas remained unchanged at USD$1.79/MMBtu for Apr’21-Sep’21 period. The ceiling price for gas from deepwater, ultra-deepwater HPHT fields reduced to US$3.62/ MMBtu.
LNG Imports By Terminal
Dahej terminal continues to be the mainstay of LNG imports into India. Out of the 35 LNG cargoes imported in May’21, 20 were delivered at Dahej.
LNG Imports by Contract Type
Spot LNG imports in May’21 surged by 13.1% Y-o-Y. Term imports were also up by 4.4% Y-o-Y. Total LNG imports in May’21 amounted to 2 MMT.
Natural Gas Consumption by Sector
Gas consumption across sectors declined in May’21. The CGD, Refining and Petrochemicals sector consumption was down 11.2%, 18.9% and 26.7%M-o-M respectively
Natural Gas Consumption
High LNG prices have lowered its demand. India’s LNG imports decreased 6% in May’21 as compared to Apr’21.
June 14, 2021
Brent crude oil spot average prices remained unchanged at US$65/barrel in Apr’21. EIA forecasts the prices to average US$65/barrel during Q2 2021 and US$61/barrel in 2022.
Henry Hub Natural Gas spot price averaged US$2.66/MMBtu in Apr’21. EIA expects prices to rise from US$2.78/MMBtu in Q2 2021 and US$3.05/MMBtu for all of 2021.
LNG continues to be significantly cheaper than other alternative fuels. The average LNG spot DES price was 59% and 50% lower than LPG and FO in Apr’21.
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