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PNG LNG sells April cargo

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LNG Industry,

According to Reuters, PNG LNG, operated by Exxon Mobil Corp, has sold an LNG cargo.

The 4.05 trillion Btu cargo will reportedly be loaded in late April and was purchased for almost US$4 per million Btu. Details of the buyer have not been released.

This deal has been noted as significant by traders, as the purchase price marks a jump of almost 40 cents (11%) from a deal agreed in Singapore earlier this week. While larger cargoes generally do typically fetch a better rate on the market, more broadly Chinese LNG demand is improving and this could potentially re-ignite spot prices in the region. As more transactions take place, it will become clear whether this is an anomalous deal or the start of a larger upward trend.

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