PetroChina held a
successful auction on March 13, 2025, at the Chongqing Petroleum & Gas
Exchange for remaining feedgas volumes designated for direct-supplied LNG
plants in western China during 2H March, 2025.
1. Delivery period: 2H
March,
Transaction Volume: 142.4
million cubic meters,
Average Price: RMB 2.45/cbm
(or $9.54/MMBtu).
The estimated LNG
production cost in March is $ 11.09/MMBtu, representing an increase of $ 0.43/MMBtu
compared to Feb feedgas.
The projected
ex-works price for March LNG is approximately $12.18/MMBtu, which remains below
the spot DES price for March cargoes, albeit with a narrower gap. Looking
ahead, the price spread in April is anticipated to narrow further; however, the
arbitrage window has yet to open.
