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Gail (India) purchases LNG cargo for delivery this month

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LNG Industry,

According to Reuters, three industry sources claim that Gail (India) has purchased an LNG cargo for delivery this month.

The company reportedly bought the cargo for delivery into Dabhol, India, on a delivered ex-ship (DES) basis for 23 February to 28 February at US$2.40/million Btu – US$2.50/million Btu.

The sources claim that it is likely that this is a new record low price for LNG cargoes delivered into India.

One of the sources added that Gail, in a separate transaction, sold a cargo from the Cove Point facility in the US on a DES basis into Europe for delivery in February to March, and likely did not award another cargo it had offered for loading in April from Cove Point.

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