Key Price Index
April 13, 2021
The spot price of Brent averaged US$62/barrel in Feb’21, up US$8/barrel from the average in Jan’21. EIA has forecasted Brent prices will average between US$65-$70/barrel during March and April and average US$58/barrel in the second half of 2021.
Henry Hub Spot Price
Henry Hub spot prices averaged US$5.35/MMBtu, up from the January average of US$2.71/MMBtu and the highest nominal monthly average Henry Hub spot price since Feb’14. EIA expects that Henry Hub spot prices will average US$3.14/MMBtu in 2021
LNG Vs Alternative Fuels
Even at over US$9/MMBtu, spot LNG remains cheaper than other alternative fuels. Spot LNG prices was 22% and 34% cheaper than FO and LPG respectively in Feb’21
LNG prices by Contract Type
The Average monthly spot Indian LNG prices in Feb’21 surged by a whopping 49% M-o-M due jump in JKM prices on the account of freezing temperatures across North Asia boosting demand and depleting inventories.
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 accounted for 65% of the total imports in Feb’21. Imports at Hazira terminal continued to be impacted by high LNG prices.
LNG Imports by Contract Type
LNG imports were 17% lower Y-o-Y in Feb’21 as both spot and term imports dropped by 27.3% and 2.3% respectively. On M-o-M basis, LNG imports were up 38.9%.
Natural Gas Consumption by Sector
The M-o-M net Natural Gas consumption was 5.2% higher in Feb’21 due to increased offtake by power, refinery, petrochemicals and other industries.
Natural Gas Consumption
The M-o-M Natural Gas consumption in Feb’21 was up 14% due to 29% jump in RLNG consumption during the month over Jan’21.
March 12, 2021
Brent prices jumped US$5 to average US$55/barrel in Jan’21 following the announcement by Saudi Arabia that it would unilaterally cut 1.0 MMB/D of crude oil production in February and March 2021.
Henry Hub prices increased to US$2.71/MMBtu in Jan’21. EIA expects Henry Hub spot prices to average US$2.95/MMBtu in 2021 and US$3.27/MMBtu in 2022.
The average spot LNG price in Jan’21 was 48% and 49% lower than FO and LPG respectively.
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