Singapore LNG scouts for spot cargoes as electricity futures surge

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SINGAPORE: Singapore LNG Corp is making enquiries about buying liquefied natural gas (LNG) cargoes from the spot market, a rare move for the operator of the city-state\u0027s LNG terminal, industry sources said on Wednesday (Oct 13). The enquiries come on the back of

SINGAPORE: Singapore LNG Corp is making enquiries about buying liquefied natural gas cargoes from the spot market, a rare move for the operator of the city-state's LNG terminal, industry sources said on Wednesday .globally of power generation fuels such as LNG and coal, amid power shortages from China and India to Europe.

Singapore LNG is looking for LNG in the spot market privately, four sources said, with one of them adding that it is seeking up to two cargoes for delivery into Singapore in November.The company and Singapore's Energy Market Authority did not immediately reply to Reuters' request for comment. Singapore's monthly base load electricity futures have surged by more than double since the start of the month while the quarterly base load electricity energy futures are trading at their highest since the contract was launched in 2015.

There are currently four companies that have licences to import LNG into the country under long-term contracts of one year or more, which allows them to sell LNG in Singapore.

 

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