The upward trend continues due to limited supply.

Opening the trading session on the morning of May 22, 2024, today's gas price in the world market increased by 0.19% to 2.66 USD/mmBTU for natural gas futures contracts for June 2024.

Wholesale gas prices in the Netherlands and the UK rose on Monday (May 20) amid concerns about supply due to upcoming maintenance in Norway and ongoing shutdowns at the Gorgon LNG facility in Australia.

Gas prices today, May 22, 2024: The upward trend continues due to supply constraints. (Illustrative image)

Daniel Hynes, senior commodity strategist at ANZ bank, said the risk of disruptions to Norwegian gas production contributed to the price increase as some facilities were undergoing maintenance work.

The complete closure of the Kollsness gas processing plant and the Troll gas field is planned for this week, as well as ongoing shutdowns at the Visund and Gullfaks fields.

According to Tomasz Marcin Kowalski, LSEG analyst: “The following day’s prices will be primarily driven by the planned closure of Kollsness and Troll, impacting a volume of 158 million cubic meters per day (mcm/d).”

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“The maintenance was only scheduled for one day, but the impact will be significant on the supply to Continental receivers. Much will depend on whether the maintenance goes according to plan,” said Kowalski.

Weaker renewable energy production has also supported prices. LNG prices in North Asia rose this week, increasing by more than $11/mmBTU, as hot weather boosted cooling demand and prompted consumers to seek more LNG.

Chevron was forced to reschedule some LNG shipments to Asia due to the shutdown of its Gorgon export facility in Australia. Meanwhile, ANZ's Hynes said a Ukrainian drone attack on Friday (May 18) raised concerns that Russia might retaliate with an attack on Ukraine's gas infrastructure.

In the domestic market, retail gas prices continued to fall in May, starting from May 1st. Specifically, for 12kg gas cylinders, gas companies reduced prices by more than 7,000 VND per cylinder. This marks the second consecutive month of price reduction for retail gas in Vietnam since the beginning of the year.

Specifically, the retail price of Petrolimex gas cylinders (including VAT) in Hanoi for May 2024 is 448,800 VND/12 kg household cylinder; and 1,795,200 VND/48 kg industrial cylinder, a decrease of 7,300 VND/12 kg cylinder and 29,100 VND/48 kg cylinder respectively (including VAT).

Similarly, the prices of City Petro, Vina Pacific Petro, and Vimexco gas from Ho Chi Minh City Energy Import-Export Joint Stock Company also decreased by 5,000 VND/12kg cylinder and 21,000 VND/50kg cylinder. Accordingly, the retail price of gas to consumers will not exceed 471,000 VND/12kg cylinder and 1,960,500 VND/50kg cylinder.

PetroVietNam Gas, a subsidiary of Vietnam LPG Trading Joint Stock Company, Southern Branch, has reduced its gas prices by 5,000 VND per 12kg cylinder and 18,750 VND per 45kg cylinder; Saigon Petro, a subsidiary of Ho Chi Minh City Petroleum Company Limited (Saigon Petro), has reduced its gas prices by 4,500 VND per 12kg cylinder, with the maximum retail price for consumers not exceeding 434,000 VND per 12kg cylinder.

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The reason for this price reduction is due to the average world gas price contract for May being at $582.5/ton, down $35/ton compared to April, as well as fluctuations in the USD exchange rate, so domestic prices have been adjusted accordingly.

Thus, from the beginning of the year until now, domestic gas prices have increased 3 times (January, February, March) and decreased 2 times (April, May).

This information is for reference only!

Source: https://congthuong.vn/gia-gas-hom-nay-ngay-2252024-chua-dut-da-tang-do-han-che-nguon-cung-321433.html