Domestic retail gas prices fall for second consecutive month

Accordingly, gas companies will reduce prices for 12kg gas cylinders by more than 7,000 VND/cylinder.

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

According to Mr. Nghiem Xuan Cuong, Head of the Commercial & Residential Gas Business Department - Petrolimex Gas Corporation, the reason for this price reduction is that the average world gas price contract in May was at 582.5 USD/ton, down 35 USD/ton compared to April and also due to fluctuations in the USD exchange rate, so the Gas Corporation made adjustments according to the corresponding reduction.

Thus, since the beginning of the year, domestic gas prices have increased 3 times and decreased 2 times.

Gas price today, April 30, in the early morning (Vietnam time), gas price decreased by 0.15% to 2.01 USD/mmBTU for natural gas contract for delivery in June 2024.

Wholesale gas prices in the Netherlands and Britain fell in trading on Monday (April 29) as warmer weather reduced demand, Reuters reported.

One trader said the market had absorbed some of the risk priced in last week.

Risks have increased following speculation of EU sanctions on Russian LNG, which have faded in the absence of any new news, allowing the focus to return to fundamental drivers such as milder weather, lower heating demand, ample storage and little change in LNG supplies.

Europe is expected to see dry and moderately warm weather near or above normal temperatures for at least the next 10 days, according to LSEG Meteorologist Georg Mueller.

Meanwhile, demand in northwest Europe fell 9% on Tuesday (April 30), with the drop more than offsetting the impact of lower flows in Norway due to maintenance, said LSEG analyst Timothy Crump.

Both the Troll gas field and the Kollsnes processing plant began planned maintenance over the weekend, cutting supply by 85 million cubic metres (mcm) per day, Gassco data showed.

In contrast, Norway's Hammerfest LNG plant restarted production on Saturday (April 27) after a gas leak last week.

European gas storage is holding steady at a record high of around 62%, according to European Gas Infrastructure data.

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