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• India may renegotiate LNG import contracts at appropriate time: Dharmendra Pradhan.
• Storage tanks in Europe are brimming with cheap LNG?

India's biggest gas importer Petronet LNG Ltd said earlier this month that it would consider renegotiating its long-term LNG supply deals if spot prices remained weak for a prolonged period. If spot prices continue to be low for years then you don't have much of a choice, and there would be a case to look at renegotiation," Prabhat Singh, Petronet's managing director, told Reuters.

Also Read: Govt compulsorily retires 15 senior indirect tax officers over charges of criminal conspiracy, corruption.

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Tweet Youtube. It really is moving away from rigid long-term contracts, often incorporating anti-competitive destination restrictions, to the more flexible future that buyers have been demanding. The distinction between 'spot and short-term' trading and 'true' spot trading matters. GGIGNL defines 'spot and short-term' as contracts with terms of four years or less, while 'true' spot is defined as contracts where delivery takes place 90 days or less from the date of the transaction.

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The latter requires greater capabilities from sellers and buyers because of the complexities of completing a trade within a three-month window—with all that that entails in terms of booking shipping and regasification slots, and ensuring that cargoes meet quality requirements. The rise in overall short-term and spot trading is itself significant, not only because this is the first time the 30pc barrier has been broken, but also because it is the largest increase in percentage points terms since , the year of the Fukushima nuclear accident in Japan and the ramping up of the last of the six 'mega-trains' in Qatar.

Its share of global trade has been moving up and down within a narrow band ever since, not least because overall trade flat-lined between and , a period when little new supply capacity—the main driver of LNG growth—came on stream. That growth becomes even more significant when the overall growth of the LNG market is considered.

True spot trade grew from 20pc of the market in to 25pc in , but the overall market was itself 8. Spot trade in volumes terms reached 79mn t, up 67pc from 47mn t in The rise in spot and short-term trading is attributed by GIIGNL mainly to the ramp-up of flexible volumes from the US and Russia, and the growing volumes of LNG handled by portfolio players and traders 'who are able to optimise their portfolios by purchasing and selling LNG on different contact durations'. One consequence is that Qatar's share of the spot and short-term market fell from 20pc in to 12pc in , putting it in third place behind Australia and the United States.

Historically, it had been the leading supplier of flexible volumes. However, despite the significant increase in spot and short-term transactions, he cautions that industry players 'will need to become more innovative and efficient in trading' and embrace the opportunities presented by digital technologies.

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The spread as a percentage of term Dated Brent contracts was last higher at The spread as a percentage of term Dated Brent contract indicates the percentage saving for a buyer to procure on a JKM-basis instead of Dated Brent prices. Amid the bearish outlook for LNG prices, buyers are cautious of their outright price risk exposure and instead want to purchase based on JKM-linked prices, a Singapore-based trader said.

But sellers continue to show some resistance, requiring an added incentive to trade on an LNG index-linked basis as spot prices continue to plunge. So, they want to do JKM-linked deals The decoupling of the correlation between Dated Brent term contract prices and JKM prices also highlights the issue of managing risk for LNG cargoes using oil prices. In , LNG and oil prices have been negatively correlated, with the correlation coefficient being minus The stark divergence of oil and LNG spot prices, if prolonged for a longer period, could present a challenge for market participants that are keen on signing or renewing term contracts based on oil prices , according to sources.

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