Key Price Index
September 11, 2020
Brent crude oil spot prices averaged US$43/barrel in Jul’20, US$3/barrel higher from the average in June and up US$25/barrel from the multiyear low monthly average price in Apr’20. EIA forecasts the prices to average US$43/barrel during H2 2020 and rise to US$50/barrel in 2021.
Henry Hub Spot Price
Henry Hub Natural Gas spot price averaged US$1.77/MMBtu in Jul’20. EIA expects prices to rise from US$2.11/MMBtu in Sep’20 to US$3.14/MMBtu in Feb’21.
LNG Vs Alternative Fuels
LNG continues to be significantly cheaper than other alternative fuels. The average LNG spot DES prices has remained below US$5/MMBtu since Mar’20.
LNG prices by Contract Type
Both term and spot LNG prices continues to trend lower. Term prices were lower due to the crash in oil prices during Apr’20-May’20.
Domestic Natural Gas prices
The price of domestic Natural Gas has been reduced by 26% to US$ 2.39/MMBtu for Apr-Sep 2020 period. Price ceiling for gas produced deep water, ultra-deep water, and high pressure-high temperature areas has been reduced by 33.5% to US$5.61/MMBtu.
LNG Imports By Terminal
All terminals except Dabhol received LNG cargoes in Jul’20. Dahej and Hazira accounted for 67% and 19% of the total imports during the month.
LNG Imports by Contract Type
LNG imports have recovered to pre-covid levels. The M-o-M LNG imports jumped by 21% in Jul’20. Spot LNG continues to be preferred by customers and have accounted for 58% of the total imports during the month.
Natural Gas Consumption by Sector
Fertilizer and power sector accounted for 55% of the total net consumption of Natural Gas in Jul’20. CGD was the most impacted, its share has declined to 12% in Jul’20 as compared to 19% share in Feb’20.
Natural Gas Consumption
Domestic supply was down 10% Y-o-Y while RLNG supply was up 6% Y-o-Y in Jul’20. The share of LNG imports in total consumption was 56% during the month.
August 14, 2020
Spot LNG prices were 48% and 58% cheaper than FO and LPG respectively in Jun’20. Spot LNG is expected to remain cheaper vis-à-vis other alternative fuels in 2020.
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