Continued to increase more than 6% in the first session of the week

Today's gas price recorded a 0.35% decrease in the world market to 3,686 USD/mmBTU.

World gas prices

According to the Oilprice.com website at 11:28 a.m. on January 13, 2025 (Vietnam time), the price of natural gas on the world market continued to increase by 6.29% to 4,239 USD/mmBTU for the natural gas contract for delivery in January 2025.

A new wave of LNG supply is expected to flood the market in the coming years as the two largest exporters of the super-chilled fuel, the United States and Qatar, prepare to ramp up capacity, according to Oilprice.com.

Analysts say the tight LNG market in the first half of this decade is likely to shift to a large surplus in the second half of the 2020s.

However, there is a lot of uncertainty about demand in the medium term. If demand in Asia and Europe picks up and new power demand from data centers continues to rise, any oversupply could be absorbed more quickly than previously thought, some market watchers say.

Qatar, currently the world's second-largest LNG exporter after the United States, is embarking on a major expansion program aimed at increasing its export capacity by up to 85% from current levels by 2030.

QatarEnergy is moving ahead with the North Field West project after drilling appraisal wells in the world's largest natural gas field, the North Field it shares with Iran, and discovering "huge volumes of additional gas" at the field.

The tiny Gulf state recently signed huge 27-year deals to supply LNG to several countries in Europe and Asia, including Italy, France, the Netherlands and China.

Qatar's main competitor in these markets is the world's largest LNG exporter, the United States, which offers more flexibility in delivery, including the ability to allow buyers to resell the cargo.

The US has several new projects coming online this year and a new President is expected to be a strong supporter of the LNG industry and exports, and could use LNG as a bargaining chip in tariff negotiations with trading partners.

Supply from the U.S. is increasing with the start-up of Venture Global’s second facility, Plaquemines LNG, in Louisiana and the commissioning of Cheniere’s Corpus Christi Stage 3 project. Both Plaquemines LNG and Corpus Christi Stage 3 are expected to achieve first gas by the end of December 2024 and are expected to ramp up operations and exports throughout the year.

According to the EIA in its December Short-Term Energy Outlook (STEO), U.S. LNG exports are expected to increase 15% by 2025, reaching nearly 14 Bcf/d, driven by higher export capacity at the Plaquemines LNG and Corpus Christi LNG Phase 3 plants.

President-elect Donald Trump has said Europe will face “full-blown tariffs” if it does not buy more oil and gas from the United States.

Consulting firm Rystad Energy said last month that the Trump administration could use LNG as a bargaining chip in trade talks with Europe.

The new US administration is also expected to reverse Biden’s LNG licensing pause, which could leave US developers ready to make final investment decisions (FIDs) on new projects in the next few years.

Overall, North American LNG export capacity is on track to double between 2024 and 2028, from 11.4 billion cubic feet per day (Bcf/d) in 2023 to 24.4 Bcf/d in 2028, if projects currently under construction come online as planned, the U.S. EIA said.

According to EIA, from 2024 to 2028, LNG export capacity is estimated to increase by 0.8 Bcf/d in Mexico, 2.5 Bcf/d in Canada, and 9.7 Bcf/d in the United States from a total of 10 new projects currently under construction in these three countries.

New US projects include Plaquemines LNG and Corpus Christi LNG Phase III, which achieved first gas by the end of December 2024.

“Trump’s push for deregulation and energy dominance could accelerate U.S. LNG exports by accelerating permitting and expanding infrastructure, bolstering U.S. oil and gas production as well as LNG export growth,” said Emily McClain, vice president of North American gas and liquefied natural gas market research at Rystad Energy.

Domestic gas prices

Petrolimex Gas Corporation said that the retail price of Petrolimex gas cylinders (including VAT) in January 2025 in the Hanoi market is 460,100 VND/12 kg household cylinder; 1,840,100 VND/48 kg industrial cylinder, respectively decreasing by 7,200 VND/12 kg cylinder and 29,100 VND/48 kg cylinder (including VAT).

According to Petrolimex Gas Corporation, the decrease in Petrolimex gas price in January 2025 is due to the average world gas price contract in January 2025 at 620 USD/ton, a decrease of 12.5 USD/ton compared to December 2024, so Petrolimex Gas Corporation made adjustments according to the corresponding decrease.

Gas South Joint Stock Company (Gas South) announced that its retail gas prices have been adjusted down to VND474,400/12kg cylinder and VND1,780,361/45kg cylinder (including VAT) in the Eastern and Western regions of the South. This price applies to gas brands such as Gas Dau Khi, VT - Gas, A Gas, Dang Phuoc Gas, Dak Gas and JP Gas.

In 2024, domestic retail gas prices increased 7 times, decreased 3 times and remained unchanged 2 times.

Source: https://baodaknong.vn/gas-price-hom-nay-13-1-2025-tiep-tuc-tang-manh-hon-6-phien-dau-tuan-240104.html