India Looks to Buy More LNG After Prices Fall to 16-Month Low

(Bloomberg) —

Follow Bloomberg India on WhatsApp for exclusive content and analysis on what billionaires, businesses and markets are doing. Sign up here.

India’s liquefied natural gas buyers are looking to procure shipments after spot prices of the industrial and power plant fuel fell to the lowest in more than a year.

Indian Oil Corp. released a tender to purchase supply for end-October to early-November delivery, while rival importers Gujarat State Petroleum Corp. and GAIL India Ltd. are expected to soon follow, according to traders with knowledge of the matter. Buyers are taking advantage of the weak prices to refill storage, and feed rising demand from fertilizer producers, the traders said.

Asian LNG prices fell to the lowest level since May 2024 on Wednesday on weak demand from top buyers China and Japan. That presents an opportunity for Indian importers, which typically ramp up spot purchases when LNG becomes cheaper than alternative fuels.

Shipments for delivery to India are trading around the low-$10 per million British thermal units range, according to traders. A surge in buying could reverse declining deliveries to India, which are down about 9% so far this year from the same period in 2024.

More News:

Indian Oil Corp. is seeking to purchase an LNG shipment on a DES basis for 2H October-1H November delivery The APLNG export project offered to sell an LNG cargo for Dec. 6 loading Excelerate Energy received an award letter from the Iraqi government to develop a floating LNG import terminal, The Woodlands-based energy company said in a press release Energy Transfer LP is nearing an agreement to sell liquefied natural gas from its planned Lake Charles export terminal in Louisiana to MidOcean Energy, a subsidiary of investment firm EIG Global Energy Partners, according to people familiar with the matter Drivers:

European natural gas edged higher after three days of losses, with traders weighing risks to currently ample supplies as the region enters its heating season. Benchmark futures held above €31/MWh China’s 30-day moving average for LNG imports was 184k tons on Sept. 30, ~16% lower than a year ago, according to ship-tracking data Europe’s 30-day moving average for LNG imports was 184k tons/day on Sept. 30, ~53% higher than the five-year seasonal average, according to ship-tracking data Estimated flows to all US export terminals were ~15.5 bcf/day on Oct. 1, ~0.8% lower w/w: BNEF READ: Oneok’s Sabine Gas Pipeline Schedules November Maintenance Buy tender:

Sell tender:

(Updates with additional LNG market details after the fourth paragraph.)

©2025 Bloomberg L.P.