The Inpex-operated 8.9 mtpa Ichthys LNG plant in Darwin has withdrawn a tender to sell a cargo for delivery in June -July because of production problems, limiting available spot supplies amid planned and unplanned maintenance at other LNG plants.
The market has erased all price gains that had followed the OPEC+ decision to cut supply last month – although it has only started to get implemented this month. The group’s export trends have not helped support prices in April, as their total level remained stable near 28 Mbd when excluding Iran and Venezuela. Higher exports from Saudi Arabia and Russia offset declines from Nigeria, Iraq and Kazakhstan, while the group’s crude inventories remained stable at 259 Mbbls.
Global jet fuel demand continues its post-pandemic recovery, but predictably, the regions that began to open up first have seen the most robust improvements. The US and Europe will drive the net balance into deficit in the second half of the year, while Asia lags behind.
A few laden Yamal LNG-chartered vessels that were earlier signalling their arrival at ports in France and Spain are waiting for orders to sail to new destinations suggesting a pre-emptive move by Yamal LNG ahead of a possible ban by the EU on Russian ships entering its ports.
Russia’s Sovcomflot-owned 172,600 m3 Christophe de Margerie ice-class LNG carrier has diverted away from the UK and is sailing to France’s 8 mtpa Montoir LNG receiving facility, following the UK’s decision to ban ships with Russian connections entry to its ports.