finance
LNG Tankers Pause Through Strait of Hormuz for Three Days While Oil Traffic Continues at Lower Levels
Tanker data show liquefied natural gas shipments via the Strait of Hormuz stopped for the past three days while oil tanker traffic fell sharply. Asian spot LNG prices rose 10 percent in the week to July 16.
Jul 20, 3:10 AM·1m read1 source
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Exports of liquefied natural gas via the Strait of Hormuz have ground to a halt over the past three days, data from tanker-tracking firms showed, while oil tanker traffic through the waterway has shrunk considerably. At least four tankers entered the strait since Friday to load in the Gulf, according to LSEG data cited by Reuters, but none were LNG carriers.
Three of the four were probably oil product carriers and one was a Very Large Crude Carrier.
Asian spot LNG prices gained 10 percent in the week to July 16 and reached $20.2 per million British thermal units on that date, traders told Bloomberg. Prices have risen 25 percent over the last four weeks, and the Japan-Korea Marker price has increased more than 60 percent on an annual basis, Anadolu Ajansi reported.
ING analysts wrote in a note that the latest hostilities would affect gas markets more than oil markets, citing the slower recovery of LNG flows after the June ceasefire between the United States and Iran.
Qatar has continued to ramp up LNG production in anticipation of a permanent resolution of the conflict. OilPrice.com reported the developments on July 20.
