India’s return to LNG spot market hints at post-virus recovery
India started buying prompt shipments of liquefied natural gas from the spot market after a two-month absence, indicating a rebound in demand as the nation exits a deadly phase of the Covid-19 pandemic.
Petronet LNG Ltd. and Indian Oil Corp. NSE 1.24 % awarded tenders for delivery over the next few months, the first spot purchases since March, according to traders with knowledge of the matter. Both cargoes cost more than $11 per million British thermal units, an unusually high level for Indian buyers able to turn to alternatives such as fuel oil and liquefied petroleum gas.
