Despite increasing domestic natural gas production, India remains reliant on LNG imports due to rising consumption in the fertilizer and city gas distribution sectors. Spot prices were initially high and volatile in early 2023 but started to decline later. Asian LNG demand has lagged, but the region’s import capacity is gradually growing due to investments in infrastructure. Many nations like China are entering the market with rapid regasification capacity growth. India is committed to increasing gas in its energy mix, leading to potential growth in Asian LNG demand, which is shifting towards price-sensitive countries.
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Definition
LNG stands for Liquefied Natural Gas. It is a natural gas that has been converted into a liquid form by cooling it to extremely low temperatures (around -162 degrees Celsius or -260 degrees Fahrenheit). This liquefaction process reduces the volume of natural gas, making it more practical and cost-effective to transport and store. LNG is predominantly composed of methane and is used as a cleaner-burning fuel in various applications, including electricity generation, heating, transportation, and industrial processes. It plays a crucial role in the global energy market as a versatile and eco-friendly energy source.
Key Details About the Liquefied Natural Gas Price Trend:
Procurement Resource does an in-depth analysis of the price trend to bring forth the monthly, quarterly, half-yearly, and yearly information on Liquefied Natural Gas in its latest pricing dashboard. The detailed assessment deeply explores the facts about the product, price change over the weeks, months, and years, key players, industrial uses, and drivers propelling the market and price trends.
Each price record is linked to an easy-to-use graphing device dated back to 2014, which offers a series of functionalities; customization of price currencies and units and downloading of price information as Excel files that can be used offline.
The Liquefied Natural Gas Price chart, including India Liquefied Natural Gas price, USA Liquefied Natural Gas price, pricing database, and analysis can prove valuable for procurement managers, directors, and decision-makers to build up their strongly backed-up strategic insights to attain progress and profitability in the business.
Industrial Uses Impacting the Liquefied Natural Gas Price Trend:
LNG (Liquefied Natural Gas) has diverse industrial uses due to its clean-burning and efficient properties. In the power generation sector, LNG is used as a fuel for gas turbines and combined-cycle power plants, providing electricity to homes and industries. It serves as a heating fuel for residential and commercial applications, such as heating homes and water. LNG is also utilized as a transportation fuel for buses, trucks, and ships, reducing emissions compared to traditional fossil fuels. In industrial processes, LNG is employed for various applications, including in the production of chemicals, petrochemicals, and as a feedstock for other industries.
Key Players:
- Chevron Corporation
- China Petroleum and Chemical Corporation
- Equinor ASA
- Exxon Mobil Corporation
- Gazprom Energy
- PetroChina Company Limited
- Royal Dutch Shell PLC
News and Recent Development:
GAIL, the Indian state-owned natural gas company, has ambitious plans to secure 7-8 million tonnes per annum of long-term liquefied natural gas (LNG) from various sources. The company aims to capitalize on the rising demand for domestic gas and take a leading role in India’s transition towards a gas-based economy. (Dated: 26 July 2023)
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