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    PSO   PK0022501016

PAKISTAN STATE OIL COMPANY LIMITED

(PSO)
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Pakistan State Oil : GLOBAL-LNG-Asian prices fall for third straight week on warmer weather

02/05/2021 | 11:56am EDT

RIO DE JANEIRO, Feb 5 (Reuters) - Asian spot liquefied natural gas (LNG) prices fell for a third week as a warmer season approaches in the northern hemisphere, reducing the heating demand that sent prices to a historic high last month.

The average LNG price for March delivery into Northeast Asia <LNG-AS> was estimated at around $7.20 per million British thermal units (mmBtu), traders said. That's 80 cents lower than the previous week.

Cargos for April delivery were estimated at $6.60 per mmBtu, with Spring in the northern hemisphere approaching after a cold spell and supply disruptions.

That's about five times lower than the record high of $32.50/mmBtu on Jan. 13.

Temperatures in Tokyo and Shanghai, in two of the world's top LNG consuming countries, are expected to rise slightly above the historical average over the next two weeks, weather data from Refinitiv Eikon showed.

"The weather coming back down to Earth in a lot of half of January has essentially meant that this demand has waned," said Ben Chu, research director of Gas & LNG for consultancy firm WoodMackenzie.

Falling prices in Asia are normalizing the flow of U.S. ships to Europe. Four U.S. vessels have changed their trajectory in the middle of the Atlantic in the last two weeks - diverting from their intended delivery in Asia towards Europe instead, according to Kpler consultancy firm.

Congestion delaying LNG shipments via the Panama Canal which has been driving up freight costs in the past months, has also eased.

LNG tanker transits of the Panama Canal hit a record in January, with 58 U.S. vessels finding a shorter route to Asia, the canal operator said in a Feb. 3 note.

Modifications in the canal's reservation system on Jan. 4 allowed last minute slots be offered through auctions. From the 25 auctions last month, nine have been awarded to LNG vessels, the canal's operator said.

Karpowership, one of the world’s largest operators of floating power plants, said some unique challenges have now eased.

"With prices falling, I expect there to be a flurry of purchases for delivery in March."

Pakistan State Oil (PSO) is seeking an LNG cargo for delivery in April, in its first potential purchase in three years.

Thailand's state-owned company PTT shipped an LNG reload cargo to Japan for the first time.


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
PAKISTAN STATE OIL COMPANY LIMITED -0.27% 219.59 End-of-day quote.1.99%
PTT PUBLIC COMPANY LIMITED -0.70% 35.5 End-of-day quote.-16.47%
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Financials
Sales 2021 1 217 B 7 516 M 7 516 M
Net income 2021 22 631 M 140 M 140 M
Net Debt 2021 - - -
P/E ratio 2021 4,31x
Yield 2021 6,03%
Capitalization 103 B 640 M 637 M
Capi. / Sales 2021 0,08x
Capi. / Sales 2022 0,07x
Nbr of Employees 2 789
Free-Float 100%
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Number of Analysts 10
Last Close Price 219,59 PKR
Average target price 295,39 PKR
Spread / Average Target 34,5%
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Managers and Directors
Syed Muhammad Taha Chief Executive Officer, Director & MD
Gulzar Khoja Chief Financial Officer
Zafar I Usmani Chairman
Tara Uzra Dawood Independent Director
Mohammad Shahid Khan Independent Director