India’s Return to LNG Spot Market Hints at Post-Virus Recovery
- Petronet, IOC buy spot shipments after two-month break
- Indian firms asked to delay and cancel cargoes just last month
This article is for subscribers only.
India started buying prompt shipments of liquefied natural gas from the spot market after a two-month absence, indicating a rebound in demand as the nation exits a deadly phase of the Covid-19 pandemic.
Petronet LNG Ltd. and Indian Oil Corp. awarded tenders for delivery over the next few months, the first spot purchases since March, according to traders with knowledge of the matter. Both cargoes cost more than $11 per million British thermal units, an unusually high level for Indian buyers able to turn to alternatives such as fuel oil and liquefied petroleum gas.