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THE KANSAI ELECTRIC POWER COMPANY, INCORPORATED

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LNG prices soar as Asian buyers compete for cargoes

09/03/2021 | 05:55am EDT
A LNG tanker is seen at the Negishi LNG Terminal, which is jointly operated by Tokyo Gas and JERA, in Yokohama

SINGAPORE (Reuters) - Asian liquefied natural gas (LNG) prices soared towards $20 per million British thermal units (mmBtu) this week as supply constraints in Europe provided competition for Asian buyers.

The average LNG price for October delivery into Northeast Asia was estimated at about $19.90 per metric million British thermal units (mmBtu), up $2.70 from the previous week, industry sources said.

"Prices now are mostly Europe-driven, as headline news about Russian supply affects gas prices there, it's having a spillover effect here," a Singapore-based LNG trader said.

Asian prices have been boosted by tight supply over the past few months due to prolonged maintenance in Russia and Australia, but the situation is improving, one source said.

Still, buyers are mostly choosing to remain in the sidelines, waiting for prices to drop, traders added.

Pakistan LNG, for instance, bought only two of five cargoes it had sought, while a tender by Pakistan State Oil for October delivery did not receive any offers, they added.

Instead of buying in the spot market, buyers are turning to sellers of long-term contracts to seek extra volumes, traders said.

Demand from some parts was still robust.

Jordan's National Electric Power Company (NEPCO) is seeking a cargo for delivery in October, while Turkey's natural gas distributor BOTAS may have bought 20 of the 30 cargoes it had sought for delivery over September to March, sources said.

Japan's Kansai Electric bought a cargo for mid-October delivery at about $19.50 per mmBtu while GNL Chile likely purchased a cargo for October, they added.

Gail (India) issued a swap tender seeking a cargo for delivery into Dabhol terminal over Nov. 7 to 13 and has offered a cargo for loading from Sabine Pass over Sept. 6 to 15, one source said.

Surging LNG prices are prompting utilities across Asia and the Middle East to burn more high-sulphur fuel oil than usual to meet increased power demand during summer, analysts and traders said.

(Reporting by Jessica Jaganathan; Editing by David Evans and Sherry Jacob-Phillips)

By Jessica Jaganathan


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
GAIL INDIA LIMITED -1.48% 149.75 Delayed Quote.23.33%
PAKISTAN STATE OIL COMPANY LIMITED -2.95% 184.78 End-of-day quote.-14.18%
THE KANSAI ELECTRIC POWER COMPANY, INCORPORATED -1.12% 1058.5 End-of-day quote.8.71%
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Analyst Recommendations on THE KANSAI ELECTRIC POWER COMPANY, INCORPORATED
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Financials
Sales 2022 2 603 B 22 824 M 22 824 M
Net income 2022 81 614 M 716 M 716 M
Net Debt 2022 4 438 B 38 917 M 38 917 M
P/E ratio 2022 11,7x
Yield 2022 4,67%
Capitalization 956 B 8 370 M 8 384 M
EV / Sales 2022 2,07x
EV / Sales 2023 2,15x
Nbr of Employees 31 933
Free-Float 78,7%
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Technical analysis trends THE KANSAI ELECTRIC POWER COMPANY, INCORPORATED
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Mean consensus OUTPERFORM
Number of Analysts 7
Last Close Price 1 070,50 JPY
Average target price 1 165,71 JPY
Spread / Average Target 8,89%
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Managers and Directors
Shigeki Iwane President & Representative Director
Sadayuki Sakakibara Chairman
Noriyuki Inoue Independent Outside Director
Takamune Okihara Independent Outside Director
Tetsuya Kobayashi Independent Outside Director
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