Opening the trading session on the morning of April 22, 2024, today's gas price in the world market increased by 0.35% to 1.99 USD/mmBTU for natural gas futures contracts for June 2024.
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| The gas receiving station for the pipeline is located in Mecklenburg, Germany. |
Spot gas prices rose higher last week due to concerns about ongoing conflict in the Middle East, reduced gas supplies at US LNG plants, shutdowns in Norway, and Egypt's return to import status. In fact, spot liquefied natural gas (LNG) prices in Asia reached their highest level in three months.
In Europe, cooler weather is forecast for the remainder of April, meaning there will be a short-term increase in heating demand in mid- or late April.
Nevertheless, analysts forecast that current inventories are about 35% higher than normal levels for this time of year.
EU officials have urged European companies to avoid buying Russian LNG as gas inventories are at record levels and prices have fallen from their post-war peaks.
Overall, European gas imports from Russia have fallen by about two-thirds compared to pre-war levels, even as supplies have shifted from pipelines to LNG.
Russia is currently the second-largest supplier of LNG to the bloc after the US, accounting for 16% of total imports last year. According to data provider Kpler, 15.5 million tons of Russian LNG were purchased by EU countries last year, almost 40% higher than the total amount in 2021.
The European Union's energy regulator recently warned that the bloc still needs to import liquefied natural gas (LNG) from Russia to avoid an energy shock, even as a group of member states seek to ban fuel purchases from Moscow.
Acer, the EU's energy watchdog, said efforts to curb Europe's record LNG imports from Russia "need to be approached cautiously" as pipeline gas supplies from the country are set to decline later this year.
In the domestic market, retail gas prices in April have seen a slight decrease since April 1st. Accordingly, gas companies will reduce the price of 12kg gas cylinders by 4,500 - 5,000 VND per cylinder.
Specifically, the retail price of Petrolimex gas cylinders (including VAT) in Hanoi for April 2024 is 456,100 VND/12 kg household cylinder; and 1,824,300 VND/48 kg industrial cylinder, a decrease of 4,640 VND/12 kg cylinder and 18,460 VND/48 kg cylinder respectively (including VAT).
Meanwhile, Saigon Petro, a limited liability company specializing in petroleum products in Ho Chi Minh City, announced that from April 1st, the price of Saigon Petro gas will decrease by 4,500 VND per 12kg cylinder, with the maximum retail price to consumers not exceeding 438,500 VND per 12kg cylinder.
The reason for this price reduction is that the average world gas price contract for April 2024 is at $617.5/ton, a decrease of $17.5/ton compared to March 2024, so domestic prices are being adjusted accordingly.
Thus, from the beginning of the year until now, domestic gas prices have increased three times (January, February, and March) and decreased once (April).
This information is for reference only!
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