GAIL (India) Limited

Spot prices for liquefied natural gas (LNG) in Asia surged to a five-month high of $24.614 per million British thermal units, amid concerns that disruptions to shipping through the Strait of Hormuz could be prolonged, following renewed retaliatory attacks between the United States and Iran, and reports of cargo ships being attacked in the area. The Strait of Hormuz has historically been a route for about one-fifth of global LNG supply, but LNG shipments through the strait have now nearly halted, prompting buyers in South Asia, particularly Pakistan and Bangladesh, to accelerate additional LNG procurement. Meanwhile, Taiwan's CPC has purchased three LNG cargoes for delivery from late October to November, and Gail India is seeking two LNG cargoes for October and November. In Europe, gas storage levels stand at about 65% of capacity, below the five-year seasonal average of around 82%, making the region more vulnerable to supply risks. Meanwhile, the October-delivery Japan-Korea Marker (JKM) contract fell 2% to $22.705 per million British thermal units, while the November contract rose 2.5% to $23.740 per million British thermal units.