Pakistan Secures Second Qatari LNG Cargo Through Hormuz After Iran Deal
Diesel Hits Record $6.50 as Global Fuel Crunch Deepens What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… Pakistan is set to receive an LNG cargo from Qatar after having negotiated with Iran the safe passage of the shipment through the Strait of Hormuz, sources familiar with the deal toldBloombergon Monday.
This would be the second Qatari LNG cargo that the energy crisis-stricken Pakistan wouldreceivein September after some carriers managed to move out of the Persian Gulf early this month.
The latest LNG shipment cleared the Strait of Hormuz this weekend and is set to arrive in Pakistan by Tuesday, per ship-tracking data compiled by Bloomberg.
The cargo would not be the first time Pakistan has directly negotiated safe passage for LNG with Iran—the South Asian countrydid soin May, too, as it scrambles to secure gas and curb blackouts.
Pakistan, which relied mostly on Qatari term supply before the war, has had to turn to expensive spot purchases which have pushed its power generationcosts higher.
Pakistan has been struggling to keep the lights on after Qatar declared force majeure on its exports following Iranian strikes that caused damage to its Ras Laffan LNG export hub.
Since then, Pakistan has been forced to turn to spot LNG markets and pay hefty premiums for the occasional shipment.
This summer, Pakistan has beenpaying top dollar for LNG supplyas the renewed closure of the Strait of Hormuz and the stranding of cargoes from its term supplier Qatar have forced the South Asian country to seek liquefied natural gas on the spot market.
The latest Qatari LNG shipment would ease Pakistan’s energy crunch and spare it at least one much more expensive spot purchase.
Some LNG cargoes from Qatar and the United Arab Emirates haverecently transitedthe Strait of Hormuz or engaged in ship-to-ship transfers outside the Strait offshore Oman.
The uptick in LNG cargoes managing to exit the Strait of Hormuz signals that the LNG exporters in the Persian Gulf are intensifying efforts to have supply push through the chokepoint after months of near-total halt of shipments.
Europe’s Fuel Crisis Spreads From Diesel to Jet Fuel U.S.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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