MILAN, May 20 (Reuters) - Argentina has secured four liquefied natural gas (LNG) cargoes for delivery in June through August after launching a tender for up to six cargoes earlier this month, traders said.
Latin America’s third-largest economy is increasingly reliant on LNG imports to power growth as domestic gas production declines and government-sponsored subsidies drive demand for the fuel.
Traders said state-run energy giant YPF has secured four cargoes following a six-cargo tender launched May 2.
It was not immediately clear which companies would be supplying the volumes.
In contrast with tight global supplies a few months ago, buyers have enjoyed rapidly falling global spot LNG prices in recent weeks due to oversupply and weak demand.
Prices for July delivery have dropped to around $13.60 per mmBtu this week, from around $19 per mmBtu earlier this year. (Reporting by Oleg Vukmanovic; editing by Jane Baird)