GLOBAL LNG-Prices edge up, Argentina tenders, Gorgon output resumes
By Oleg Vukmanovic
MILAN Aug 1 (Reuters) - Asian spot liquefied natural gas (LNG) prices edged up last week on fresh demand from Argentina as supply remained tight and traders covered short positions, but falling crude oil prices may mark a turning point in a months-long gas rally.
Prices for September delivery rose to around $6.15 per million British thermal units (mmBtu) last week, up five cents on the week ended July 22.
Argentina's state-run energy buyer Enarsa launched a tender to buy nine LNG cargoes for delivery between September and October, surprising traders by the scale of its demand, having just procured six cargoes mainly from trading companies.
A fire at Malaysian LNG production complex Bintulu over the weekend did not affect output, state-run Petronas said in a statement.
However, global output during September is constrained by planned outages at the Chevron-led Angola LNG project and Cheniere Energy's first production line at Sabine Pass - both of which will be offline for repairs and testing.
Angola LNG entered its longer-than-expected maintenance period several weeks ago. Sabine Pass maintenance will happen in September only.
Tempering any drop in supply was the resumption of exports from the Chevron-operated Gorgon facility in Australia on Monday - only its third-ever shipment following a series of shutdowns.
The cargo is being shipped aboard the Beidou Star tanker. Continuación...