Taiwan Seeks LNG Cargoes After Shutting Last Nuclear Reactor

(Bloomberg) -- Taiwan is seeking liquefied natural gas shipments following the shutdown of its last nuclear reactor, a move that will increase the island’s reliance on the seaborne fuel.

CPC Corp. is looking for three cargoes for August and September delivery, according to traders with knowledge of the matter. The tender comes after the island closed its last nuclear reactor on Saturday due to the expiration of its 40-year operating license. The state-owned oil and gas company also purchased at least one LNG shipment for June to July delivery this month, according to traders.

The 30-day moving average for Taiwan’s LNG imports is at a record for this time of the year, when the island typically imports more fuel to meet its energy needs. The closure of Taiwan’s second-to-last nuclear reactor last July increased procurements. 

The final nuclear shutdown will further expose the island, which is home to some of the world’s top chipmakers, to LNG price fluctuations, according to Aniket Autade, a senior analyst from Rystad Energy.

“Stable power supply is crucial for industrial hubs and high-end manufacturing facilities, including the semiconductor sector that is strategic to Taiwan’s economic and geopolitical interest,” he said. 

More News:

• PetroVietnam Gas purchased an LNG cargo on a DES basis for early-June delivery to the Thi Vai import terminal in Vietnam
• Hin Kong Power didn’t award a tender seeking to purchase an LNG cargo on a DES basis for June 26-27 delivery to Thailand
• Angola LNG offered to sell a cargo on a DES basis for June delivery to various locations including South America, Europe, the Middle East, South Asia, Southeast Asia and East Asia
• Commissioning activities at Wilhelmshaven 2 port in Germany are scheduled for start on Saturday

Drivers: 

• Estimated flows to all US export terminals were ~15.1 bcf/day on May 18, down 3.8% w/w: BNEF
• China’s 30-day moving average for LNG imports was 149k tons/day on May 15 ~25% lower than the 5-year average for this time of year, according to ship-tracking data compiled by Bloomberg
• European gas storage levels were ~44% full on May 17, compared with the five-year seasonal average of ~55%
• Europe’s 30-day moving average for LNG imports was 220k tons/day on May 15, ~10% higher than the 5-year average for this time of year, according to ship-tracking data compiled by Bloomberg

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