The Indian and Chinese buyers that set the pace for a downward slide in term LNG prices early this decade are now leading an upward race in spot LNG rates. Gujarat State Petroleum Corp. (GSPC) is said to have booked a July-delivery cargo at near 18 per million Btu, with more set to come. Indian buyers such as GSPC are willing to pay up for LNG as an alternative to naphtha and other oil products now priced in the 23-30/MMBtu range (WGI Jun.11,p6).
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