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GAIL in trouble over US LNG commitments: Even Europe may be unviable
Apr 18:   GAIL seems to be in serious trouble over its LNG commitments from the US which are going to kick in from early next year.
8The original plan was to bring the gas to India because of huge arbitrage between Indian LNG prices and Henry Hub prices.
8The differentials have now significantly narrowed, so much so that LNG imports from the US to India is currently unviable given competition from LNG supplied from nearer home.
8US LNG cargoes are now targeting Europe instead
8But here again, predatory pricing by Russia of the gas sent to Europe by pipeline may well make US LNG unviable for supply.
8Given that the current LNG market is over supplied and Europe may well become an unviable proposition, what will GAIL end up doing with its US commitments?
8That seems to have become a billion dollar question for the Indian gas major
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