Asian liquefied natural gas (LNG) spot prices for September delivery were firm this week, supported by supply issues in Nigeria after a pipeline leak, though surplus global supplies helped ease concerns.
The price of Asian spot cargoes held steady at around $8.00 per million British thermal units (mmBtu), from $7.95/mmBtu last week.
Shell confirmed on Thursday that it had declared force majeure on gas supplies to Nigeria's LNG export terminal on Bonny Island in Rivers State due to a pipeline leak.
"Before Nigeria happening prices were falling, so it has helped support the market," an analyst said, adding that surplus volumes globally were capping any potential upside.
"As long as there isn't an impact on LNG exports, which for the time being seems to be the case, there will be some rescheduling which is manageable by the market."
The analyst estimated Nigeria exports at around 7 cargoes a week.
One trader said that there had not been any disruption to Nigeria's loading programmes just yet but there could be some minor impact later.
New supplies expected to hit the market from Australia in the coming months weighed on prices, along with sale tenders elsewhere.
Most projects are sticking to previously stated timelines, although progress on Inpex Corp's $34 billion Ichthys project is slightly behind schedule, along with Chevron (CVX)'s Gorgon project.
Indonesia's Donggi-Senoro liquefied natural gas (LNG) project shipped its first LNG cargo on Sunday, the project's biggest shareholder Mitsubishi Corp said.
Traders said that Trinidad has launched a tender to sell one cargo of LNG for loading in the second half of September.
On the buy side, Egypt is seeking 45 cargoes over a two- year period to help supply the second LNG floating import terminal it has contracted from Norwegian gas shipping company BW Gas.
Egypt expects to buy 7.79 million tonnes of LNG for $3.55 billion in 2015-16, the planning ministry said.
(Reporting by Sarah McFarlane and Oleg Vukmanovic)