Egypt's natural gas pipelines - File photo/Reuters
LONDON - 18 June 2018: Egyptian Natural Gas Holding has likely purchased a portion of the nine liquefied natural gas (LNG) cargoes it sought via a tender for delivery between July and August, trade sources said.
Estimated prices for the cargoes range upward of $11 per million British thermal units (mmBtu), or around 15 percent of a barrel of Brent crude oil, according to traders.
Spot Asian LNG prices LNG-AS for July delivery rose to fresh four-year highs of $11.60 per mmBtu last week due to competition for cargoes from South America, Middle East and Asia, while production outages restricted supply.
Mexico, Argentina, Egypt and Pakistan are seeking a combined 46 cargoes for delivery July to September, supporting LNG tanker day-rates as growing cross-basin trade lengthens journey times.