Green covers the market

Opening the trading session on the morning of April 22, 2024, today's gas price in the world market increased by 0.35% to 1.99 USD/mmBTU for natural gas contracts for delivery in June 2024.

Trạm tiếp nhận khí đốt thuộc đường ống Nord Stream ở Mecklenburg, Đức

Gas receiving station on the pipeline in Mecklenburg, Germany

Spot gas prices have been rising since last week due to concerns about ongoing conflict in the Middle East, falling gas supplies at US LNG plants, Norwegian outages and Egypt’s return to imports. Asian LNG spot prices have even reached a three-month high.

In Europe, cooler weather is forecast for the rest of April, meaning there will be a short-term increase in heating demand in mid- to late April.

Still, analysts forecast inventories are about 35% higher than normal for this time of year.

EU officials have urged European companies to avoid buying Russian LNG as gas reserves are at record levels and prices have fallen from post-war peaks.

Overall, Europe's gas imports from Russia have fallen by about two-thirds from pre-war levels, even as supplies have shifted from pipelines to LNG.

Russia is now the bloc’s second-largest LNG supplier after the US, accounting for 16% of total imports last year. EU countries bought 15.5 million tonnes of Russian LNG last year, almost 40% more than the total in 2021, according to data provider Kpler.

The European Union's (EU) energy regulator has warned that the bloc still needs to import Russian liquefied natural gas (LNG) to avoid an energy shock, even as a group of member states seek to ban fuel purchases from Moscow.

Efforts to curb Europe's record LNG imports from Russia “need to be approached cautiously” as pipeline gas supplies from the country are set to decline later this year, the EU's energy watchdog said.

In the domestic market, retail gas prices in April have “turned around” and decreased slightly since April 1. Accordingly, gas companies will reduce the price of 12kg gas cylinders by 4,500 - 5,000 VND/cylinder.

Specifically, the retail price of Petrolimex gas cylinders (including VAT) in April 2024 in the Hanoi market is 456,100 VND/12 kg household cylinder; 1,824,300 VND/48 kg industrial cylinder, respectively decreasing by 4,640 VND/12 kg cylinder and 18,460 VND/48 kg cylinder (including VAT).

Meanwhile, Ho Chi Minh City Petroleum Company Limited (Saigon Petro) said that from April 1, Saigon Petro gas price will decrease by VND4,500/12kg cylinder, the maximum retail price to consumers will not exceed VND438,500/12kg cylinder.

The reason for this price reduction is that the average world gas price contract for April 2024 is at 617.5 USD/ton, down 17.5 USD/ton compared to March 2024, so domestic adjustments are made according to the corresponding reduction.

Thus, since the beginning of the year, domestic gas prices have increased 3 times (January, February, March) and decreased once (April).

Information is for reference only!

Source