The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBP Share News (BP.)

Share Price Information for BP (BP.)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 510.40
Bid: 509.40
Ask: 509.50
Change: -5.40 (-1.05%)
Spread: 0.10 (0.02%)
Open: 516.30
High: 516.60
Low: 506.10
Prev. Close: 515.80
BP. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

LNG tankers divert to Asia, floating storage rises after price spike

Thu, 19th Sep 2019 16:46

By Ekaterina Kravtsova

LONDON, Sept 19 (Reuters) - At least five laden liquefiednatural gas (LNG) tankers changed course from Europe to Asia anda rising number of other tankers were being used as floatingstorage following a spike in Asian LNG prices in the past week,trade sources said.

While there may be specific reasons for the re-routing ofindividual cargoes, the diversion of so many tankers at the sametime indicated a long market, meaning sellers were holdingpositions in the expectation of higher prices, the sources said.

Spot Asian LNG prices jumped last week after a rise inEuropean gas prices and extended gains this week following onfrom the oil price spike due to the attacks on Saudi Arabia'soil facilities.

The price for LNG delivered to Asia in the second half ofOctober grew to around $5.70 per million British thermal units(mmBtu) this week, over a $1.00 rise from two weeks ago.November delivery traded above $6.00/mmBtu this week.

European LNG price benchmarks, Dutch gas for October andNovember deliveries, were trading at around $4.10/mmBtu and$5.64/mmBtu, respectively, on Thursday.

Four of the tankers that changed direction are carryingcargoes from the United States, while one is sourced fromNigeria, Refinitiv vessel ship tracking data shows.

Energy Liberty, chartered by Japan's Tokyo Gas, hadbeen signalling Barcelona as a destination but changed courselast week and is now heading to Japan, where hot weather hasincreased gas demand in the past month.

Methane Alison Victoria made a U-turn from Europe towardsthe Cape of Good Hope after loading in Nigeria last week and islikely to go to Asia.

Cheniere's Yari LNG sailed towards Cape of Good Hopethis week too, having loaded a cargo in the U.S. three weeksago, headed to Europe, then waited near Gibraltar for ten days.

Diamond Gas Sakura loaded a U.S. Cameron LNG cargo inmid-August and was first expected to go to Gibraltar but is nowheading to the Indian Ocean, having paused near the PanamaCanal.

Gaslog Saratoga, chartered by trading house Gunvor, wasgoing to Italy, before changing route late last week and is nowheading to Pakistan, where Gunvor won two delivery slots forOctober delivery in a recent tender.

Some of the tankers are sailing quickly, implying sellersmade quick decisions and were now in a hurry to deliver. Butothers, like Diamond Gas Sakura, may still have no exactdestination and are simply being slowly moved to Asia whereprices increased, one LNG trader said.

In Asia, at least three cargoes, BP's Sean Spirit,Petronas' Seri Cemara and Royal Dutch Shell's Gallina,are identified as a floating storage, data firm Kpler said.

(Reporting by Ekaterina Kravtsova; editing by Sabina Zawadzkiand Chris Reese)

More News
9 Apr 2024 07:24

BP sees higher Q1 upstream production

(Sharecast News) - Oil giant BP said it expected first-quarter upstream production to be higher than the previous three months.

Read more
5 Apr 2024 12:00

LONDON MARKET MIDDAY: Stocks drop on Israel-Iran tensions and Fed talk

(Alliance News) - Stock prices in London were firmly down at midday on Friday, as rising tensions between Israel and Iran alongside doubts around the timing of US interest rate cuts hurt investor sentiment.

Read more
5 Apr 2024 08:47

LONDON MARKET OPEN: Europe slumps on US rate worry and rising tensions

(Alliance News) - Stocks in Europe had a downbeat start to the day on Friday, with investors unnerved by rising geopolitical tensions and hawkish remarks from US central bankers.

Read more
4 Apr 2024 16:55

LONDON MARKET CLOSE: US initial jobless claims hotter than expected

(Alliance News) - Stock prices in London closed up on Thursday, as investors first digested words from US Federal Reserve Chair Jerome Powell overnight, before reacting to hotter-than-expected US initial jobless claims.

Read more
4 Apr 2024 11:58

LONDON MARKET MIDDAY: Stocks up as Fed chair calms some rate nerves

(Alliance News) - Stock prices in London were in the green on Thursday afternoon, with mining stocks powering the FTSE 100 higher, as investors digested words from Federal Reserve Chair Jerome Powell.

Read more
2 Apr 2024 23:07

Sector movers: Builders and REITS slip, geopolitics boost Big Oil and gold miners

(Sharecast News) - Personal Goods was at the bottom of the pile on the FTSE 350 at the start of the second quarter, as fashion retailer Burberry Group's shares fell back towards their five-year lows.

Read more
2 Apr 2024 16:57

LONDON MARKET CLOSE: Europe down after Easter holiday weekend

(Alliance News) - The FTSE 100 took a hit on Tuesday, after a boost from London's miners and oil firms were not enough to lift the index.

Read more
2 Apr 2024 15:22

London close: Stocks turn red on return from Easter break

(Sharecast News) - UK stocks experienced a downturn by the end of trading on Tuesday, as investors resumed activity following the extended weekend, with initial gains reversed by the close ahead of a week marked by a number of key economic data releases.

Read more
2 Apr 2024 11:00

Biden administration approves eighth US offshore wind project

WASHINGTON, April 2 (Reuters) - The U.S. Interior Department on Tuesday approved the country's eighth commercial-scale offshore wind project, which will be built off the coast of Massachusetts, bringing online electricity to power more than 900,000 homes.

Read more
2 Apr 2024 09:09

LONDON MARKET OPEN: FTSE 100 up as oil majors and gold miners shine

(Alliance News) - Stock prices in London opened higher on Tuesday, in confident trade following the long Easter weekend, ahead of a UK manufacturing sector reading later in the morning.

Read more
2 Apr 2024 08:55

European oil stocks gain on expectations for higher demand, supply concerns

Read more
28 Mar 2024 10:00

How the oil industry is thriving despite Joe Biden's climate policies

GRAPHIC on Biden's oil boom: https://www.reuters.com/graphics/USA-BIDEN/OIL/lgpdngrgkpo/

By Nichola Groom, Jarrett Renshaw

Read more
27 Mar 2024 20:59

New England offshore wind auction draws multiple bidders

March 27 (Reuters) -

Read more
27 Mar 2024 12:47

Ithaca Energy gets bid rights on Eni's UK assets, profit slips

March 27 (Reuters) - Ithaca Energy has been given a four-week exclusivity period by Italy's Eni, to make an offer for UK exploration and production assets that could expand its output massively, the London-listed company said on Wednesday.

Read more
27 Mar 2024 09:01

Big Oil's climate planning not good enough, investor group says

Climate Action 100+ assessed 10 top oil companies

*

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.