| Gas prices today, March 8, 2024: Prices show little fluctuation at the end of the week. Gas prices today, March 11, 2024: High reserves, prices at a "reasonable" level. |
Opening the trading session on the morning of March 12, 2024, today's gas price in the world market decreased by 0.34% to 1.74 USD/mmBTU for the April 2024 natural gas futures contract.
Japan's largest power producer, JERA, agreed last month to acquire a 15.1% stake in Woodside Energy's Scarborough project in Australia.
This is the latest in a series of agreements as the crisis in Ukraine threatens to disrupt access to gas from Russia, making Japan's search for a reliable long-term supply even more urgent.
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| Gas pipeline system |
LNG is a vital part of Japan's energy mix. Since 2022, Japanese LNG importers have reached equity agreements in five projects in Australia and the U.S., including an exploration block.
According to Reuters, these companies have secured 10-20 year contracts with those countries for the consumption of more than 5 million tons of LNG annually, equivalent to 8% of Japan's consumption in 2023.
In other news, the Italian oil and gas company Eni has discovered significant reserves of natural gas and light oil in a sedimentary basin off the coast of Italy.
According to initial assessments, this oil field has reserves of 1-1.5 billion barrels of oil, the second largest after the Baleine oil field discovered by Eni in Ivory Coast in September 2021.
Eni's CEO, Claudio Descalzi, said that these gas reserves offer significant potential for the economic and energy development of Ivory Coast.
In the domestic market, retail gas prices for March 2024 continued to be adjusted upwards from March 1st. This marks the third consecutive month of increases in domestic retail gas prices since the beginning of the year.
Specifically, the retail price of Petrolimex gas cylinders (including VAT) in Hanoi is 460,740 VND/12kg household cylinder; and 1,842,760 VND/48kg industrial cylinder, an increase of 2,640 VND/12kg cylinder and 10,560 VND/48kg cylinder respectively (including VAT) compared to the previous month. In the South, some dealers in Tan Binh district also reported that Petrolimex Saigon, Total, and other gas companies have also increased prices by 2,000 VND per 12kg cylinder.
The Ho Chi Minh City Energy Import-Export Joint Stock Company announced that the price of City Petro, Vina Pacific Petro, and Vimexco gas will increase by 2,000 VND per 12kg cylinder and 8,000 VND per 50kg cylinder. Accordingly, the retail price to consumers will not exceed 481,000 VND per 12kg cylinder and 2,002,500 VND per 50kg cylinder.
Similarly, Saigon Petro, a limited liability company specializing in petroleum products in Ho Chi Minh City, increased the price by 2,000 VND per 12kg cylinder, with the maximum retail price to consumers not exceeding 443,000 VND per 12kg cylinder.
Simultaneously, Southern Gas Trading Joint Stock Company (Gas South) announced an increase in retail gas prices for March 2024, applicable to the following brands: Gas Dầu Khí, VT-Gas, A Gas, Đăk Gas, JP Gas, and Đặng Phước Gas. The specific increase is 167 VND/kg compared to the previous month, equivalent to an increase of 2,000 VND per 12kg cylinder and 7,500 VND per 45kg cylinder. With this increase, the retail price of Gas South gas for consumers will be 471,900 VND per 12kg cylinder and 1,770,831 VND per 45kg cylinder (including VAT).
According to gas companies, the increase in the USD/VND exchange rate has led to an increase in the price of imported gas in Vietnam. In the first three months of 2024, gas prices increased continuously, with a total increase of 13,000 VND per 12kg cylinder.
Currently, domestic gas supply only meets about 60% of consumer demand, so domestic gas prices are still influenced by the international market.
This information is for reference only!
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