Asian spot liquefied natural gas (LNG) prices were steady on Friday as a mild winter continued to curb demand from many of the traditional LNG destinations. The spot price LNG-AS for February was steady at about $10.00 per million British thermal units (mmBtu), in line with the previous week. Traders said, however, that prices were nominal given there was very limited activity. "The market is completely dead," said a trader, adding that winter temperatures were "very high" which had hit demand. A second trader said he was not aware of any new business being concluded this week, making it difficult to pin down prices. The LNG market has been slowly declining since September as energy prices generally have been hit by a slide in oil. Brent crude held near its weakest level in more than five years on Friday, as a global supply glut and weak demand weighed. Traders said there was little fresh demand with the exception of a large tender by Egypt for 2015/16 cargoes. "Many traders are interested in the result, especially in this market," said a trader referring to the low level of activity. Egypt's state-owned gas company EGAS has tendered to buy at least 48 cargoes of liquefied natural gas (LNG) for delivery in 2015/16. A senior official at EGAS confirmed there was a tender for multiple LNG cargoes and said the result was due by the end of this month. The official said seven companies had bid and the contract would be split among multiple firms. Earlier this week, Tokyo Electric Power Co and Chubu Electric Power Co, held their first international joint tender since announcing a 50:50 partnership in October which includes fossil fuel procurement. Bids are due by Friday and the utilities will decide on the suppliers in January. Traders were also awaiting the first shipments from BG Group's flagship gas project, Queensland Curtis LNG, due before the end of the month. http://english.ahram.org.eg/News/118348.aspx
