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Market Chatter: India Reportedly Pays Highest LNG Spot Prices in Years as Iran War Disrupts Supplies

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Indian energy companies are paying some of their highest spot-market prices for liquefied natural gas in years as the war in Iran disrupts global supplies, Bloomberg reported on Friday.

State-run GAIL India Ltd. reportedly paid more than $23 per million British thermal units for a September cargo, while Gujarat State Petroleum Corp. paid in the mid-$23 range.

The prices are the highest for Indian LNG imports since 2022. State-backed buyers are turning to the spot market as the government supports domestic fertilizer producers which use natural gas.

GAIL and Gujarat State Petroleum did not immediately respond to requests for comment from.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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