The ability of buyers in the Middle East and India to import gas from around the world has encouraged growth in the region's spot LNG trade. Cargoes from a range of traditional suppliers have moved to the region, as has gas from some of the newest LNG producers, including coal-bed methane operations in Australia and one of the first exports from the new US liquefaction plant at Sabine Pass on the Gulf coast.
The new Argus index is a reliable price reference for cargoes for delivery to Jordan, Egypt, Dubai, Kuwait and India. The index averages Argus' assessments of the price of LNG for delivery to the Middle East and India, creating a single benchmark for use in trading, risk management and hedging across the region. Prices for four forward half-month periods are assessed and published each day, complementing Argus' existing Asia-Pacific physical price assessments.
"Spot liquidity in the Middle East-India region has been driven not only by national importers, but also by trading firms with contractual term obligations in the region looking to backfill these positions in the spot market," said Argus Media chairman Adrian Binks. "The Argus Middle East-India (MEI) Index responds to the need for a price reference for these deals."
Argus' new Middle East-India pricing complements the Argus LNG Daily report's existing suite of global spot price assessments, market commentary and global netback pricing. The report includes the LNG industry's first US Gulf coast free on board (fob) price assessments, which assess the price of US LNG exports six months ahead. Argus LNG Daily provides global LNG market participants with the critical insights, prices and statistics needed to stay ahead of market developments and to shape commercial strategies.
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About Argus Media
Argus is an independent media organisation with more than 750 full-time staff. It is headquartered in London and has offices in each of the world's principal commodity centres. Its main activities comprise publishing market reports containing price assessments, market commentary and news, and business intelligence reports that analyse market and industry trends.
Today Argus is a leading provider of data on prices and fundamentals, news, analysis, consultancy services and conferences for the global crude, oil products, natural gas, electricity, coal, emissions, bioenergy, fertilizer, petrochemical, metals and transportation industries. Data provided by Argus are widely used for indexation of physical trade. Companies, governments and international agencies use Argus information for analysis and planning purposes.
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/rising-spot-trade-drives-first-middle-east-india-lng-price-index-300293919.html
SOURCE Argus Media