Update new information on gas market

Opening the morning trading session on March 12, 2024, today's gas price in the world market decreased by 0.34% to 1.74 USD/mmBTU for natural gas contracts for delivery in April 2024.

Japan's largest power producer JERA last month agreed to buy a 15.1% stake in Woodside Energy's Scarborough project in Australia.

The deal is the latest in a series of deals as the crisis in Ukraine threatens to disrupt access to gas from Russia, making Japan's search for reliable long-term supplies more urgent.

Gas pipeline system

LNG is an important part of Japan's energy mix. Since 2022, Japanese LNG importers have secured equity deals in five projects in Australia and the US, including an exploration block.

According to Reuters news agency, these businesses have secured 10-20 year consumption contracts from those countries with a volume of more than 5 million tons of LNG annually, equivalent to 8% of Japan's consumption in 2023.

In another development, Italian oil and gas group Eni has discovered significant reserves of natural gas and light oil in a sedimentary basin off the country's coast.

According to initial assessments, this oil field has reserves of 1-1.5 billion barrels of oil, the second largest after the Baleine oil field discovered by Eni in Ivory Coast in September 2021.

Eni CEO Claudio Descalzi said the gas reserves offer significant potential for the economic and energy development of Côte d'Ivoire.

In the domestic market, the retail gas price in March 2024 continued to be adjusted upward from March 1. Thus, the domestic retail gas price has increased for the third consecutive month since the beginning of the year.

Specifically, the retail price of Petrolimex gas cylinders (including VAT) in the Hanoi market is 460,740 VND/12kg household cylinder; 1,842,760 VND/48kg industrial cylinder, respectively increasing 2,640 VND/12kg cylinder and 10,560 VND/48kg cylinder (including VAT) compared to the previous month. In the Southern region, some agents in Tan Binh district also said that Perolimex Saigon gas company, Total gas company... also increased the price by 2,000 VND/12kg cylinder.

Ho Chi Minh City Energy Import-Export Joint Stock Company informed that gas prices of City Petro, Vina Pacific Petro, Vimexco will increase by VND2,000/12kg cylinder and VND8,000/50kg cylinder. Accordingly, the retail price to consumers will not exceed VND481,000/12kg cylinder and VND2,002,500/50kg cylinder.

Similarly, Saigon Petro Company Limited increased by VND2,000/12kg cylinder, the maximum retail price to consumers is not more than VND443,000/12kg cylinder.

At the same time, Southern Gas Trading Joint Stock Company (Gas South) announced an increase in retail gas prices in March 2024, applicable to the following gas brands: Gas Dau Khi, VT-Gas, A Gas, Dak Gas, JP Gas, Dang Phuoc Gas. The specific increase is 167 VND/kg compared to the previous month, equivalent to an increase of 2,000 VND/12kg cylinder and 7,500 VND/45kg cylinder. With this increase, the retail gas price of Gas South to consumers is 471,900 VND/12kg cylinder and 1,770,831 VND/45kg cylinder (including VAT).

According to gas trading companies, the increase in the USD/VND exchange rate has caused the price of imported gas to Vietnam to increase. In the first 3 months of 2024, gas prices have continuously increased, with a total increase of 13,000 VND/12kg cylinder.

Currently, domestic gas supply only meets about 60% of consumer demand, so domestic gas prices are still affected by the international market.

Information for reference only!

Source: https://congthuong.vn/gia-gas-hom-nay-ngay-1232024-cap-nhat-thong-tin-moi-ve-thi-truong-khi-dot-308073.html