LNG: CNOOC Sells Sep LNG Cargo on SHPGX at $11/MMBtu
Aug-22 12:54
China’s CNOOC, sold one full LNG cargo to ENN through an auction on the Shanghai Petroleum and Natural Gas Exchange (SHPGX) on Aug. 22, Platts said, marking the first time a full LNG cargo was auctioned in China.
- ENN secured the 65,000 mt cargo for late September delivery at Yuan 4,100/mt (~$11/MMBtu). The first cargo, for mid-September, received no bids.
- CNOOC plans further auctions, with the next scheduled for Aug. 26 to cover October deliveries of 180,000–260,000 mt.
- The company is using the SHPGX platform to optimise its LNG portfolio, shifting from smaller parcels to full cargoes aimed at larger buyers with terminal access.
- Market response was muted, reflecting weak demand and high inventories, with some terminals holding stocks at 80% capacity.
- Prices were considered uncompetitive for many northern and eastern buyers, though comparable to local trucked LNG in the south.
- Analysts expect stronger interest in October cargoes ahead of winter demand.
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