This time around, LNG sellers were able to offer the diverted term cargoes in the spot market - and fetch a higher price - amid sustained high spot LNG price levels. had to issue force majeure notices to their suppliers for March-April delivery cargoes to LNG terminals like Dahej, Mundra and Dabhol, which exerted downward pressure on regional LNG prices. In contrast, during India’s first nationwide coronavirus lockdown in late March 2020, its gas demand plunged and gas companies Gujarat State Petroleum Corp.
This has muted the market impact of the diversions and enabled Indian gas importers and their suppliers to find alternate destinations for contracted LNG volumes without any force majeure notices being issued or triggering any major disputes, they said. Strong Asian LNG demand for summer and tight supply amid maintenance and outages at multiple terminals have helped the market absorb the spot LNG cargoes rejected by India due to its COVID-19 related lockdowns, according to traders and market participants. Price impact of India diversions only about 5 cents/MMBtu: Citigroup India’s gas-fired power demand drops 24% on year in H1 May: Platts Analytics LNG sellers capitalize on strong spot prices amid cargo diversions Strong Asian LNG demand soaks up India cargo diversions amid COVID-19 crisis Did I hear there may be a Bond issue in June, watch this space. The long end is well sort after with very little stock on offer. In the long end there are some very good deals in the shorter end of the market. We can find Finance company money from 5.50% and higher. The system is very liquid and we are likely to see the short end of the market continue to trade at these flat rates.
On the interest rate front we saw the TBill 364 auction results 7.20%. BSP traded 683,635 shares with a day trade high of K12.30 and settle back down to close at K12.00, CCP had 210,935 shares trade at K1.90 up almost 12% from K1.70, OSH traded 1,176 shares at K10.50, NCM had 216 shares trade at K75.00 and KAM on the other hand traded 44,384 shares at K1.08 up almost 3% from K1.05. Stocks trading last week were BSP, CCP, OSH, NCM, KAM and CPL. On the local front BSP went ex-dividend on the opening of trade on Friday the 28 th and traded as high as K12.30 but fell to close at K12.00 again. The stock (BFL stock code) is yet to trade. Last week we saw BSP List on the Australian Stock Exchange (ASX) on Wednesday, May 26th. Good morning and welcome to this week’s JMP Report.
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