The effective closure of the Strait of Hormuz, and attacks on the world’s largest LNG export plant in Qatar, have disrupted a fifth of the world’s supply of the super-chilled fuel. India is among the hardest-hit consumers, with LNG deliveries down 14% compared with the same time last year on a 30-day moving average, ship data shows.
The latest move comes after spot prices fell to the lowest level in over a month. Prices more than doubled after the war began, rising to roughly $25 per million Btu and forcing Indian buyers to curb purchases and reduce supplies to industrial customers. Still, prices remain about 50% higher than pre-war levels.
Indian Oil Corp. canceled a purchase tender that was scheduled to close on April 15, traders said.
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–With assistance from Sing Yee Ong and Mary Hui.
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