ICIS to Launch Assessment for LNG Reload Cargoes from Spanish Terminals
ICIS, a price reporting agency and provider of market intelligence for global energy and chemical markets, is set to launch the natural gas industry’s first assessment for liquefied natural gas (LNG) cargoes offered on a re-load, free on board (FOB) basis from Spanish LNG terminals. The number will be available from Friday the 1st of November.
The new assessment will reflect growing liquidity on the Spanish reload market, and aims to provide greater transparency to market participants of the LNG industry. Spain has seen a significant rise in re-export trade with re-loaded volumes finding homes among key LNG buyers in the Mediterranean basin, South America and Asia. The Spanish FOB market has also added a significant level of flexibility at times when other LNG production plants suffered unplanned cuts.
“ICIS is proud to be the first to provide price transparency for this trading location as it has for all of the world’s spot LNG trading points,” said Louise Boddy, Director of Global Energy Markets for ICIS.
“The LNG reload business from Spain and Portugal has proved to be a valuable source of spot market flexibility for both Atlantic and Pacific markets. The trade has evolved through a period of oversupply in Spain and tightness on the global LNG market.”
The Spain FOB Reload assessment will be published in LNG Markets Daily. It represents the value of cargo sold in a 15 to 45 day loading window from the day of the assessment, with the Sagunto LNG terminal in Valencia as the basis port. Spain FOB is an addition to an existing portfolio of Zeebrugge and US Gulf reload assessments, as well as eight other FOB assessments provided to the LNG industry on the daily basis since June 2010.
ICIS’ LNG Markets Daily publication provides spot price assessments for all key loading and delivery markets in Asia, Europe, South America and the Middle East, as well as charter rates, key oil and gas prices and in-depth analysis and news relating to spot LNG trade.
LNG World News Staff, November 01, 2013; Image: Enagas