(ET)
Full storage tanks of liquified natural gas (LNG) in India have prompted GAIL India to sell a U.S. cargo bound for the Asia nation to northwest Europe, industry sources said. The sale of a cargo already on the water is the latest example of an oversupplied LNG market that has resulted in Asian spot LNG prices falling to an almost three-year low of around $4.30 per million British thermal units (mmBtu) this week. It also signals that India’s LNG demand, considered substantial compared to northeast Asia, is weaker than expected.Europe has become a top destination this year for cargoes that cannot find a home in Asia because of high stock levels and low delivery prices.
