EGAS lifts upper price limit on natural gas purchases

EGAS lifted the upper price limit on what it could pay for the equivalent of a barrel of Brent crude in tenders to USD 65 from USD 60, Reuters reports. The move came after EGAS extended the bidding deadline for the 12 LNG shipments it’s looking to acquire. Traders speculate, however, “whether Egypt’s tender for first quarter 2018 supplies, which is lower than expected, would be followed by additional purchases through government-to-government [transactions], as happened after previous tender rounds.” They note that Egypt’s LNG shipments have been growing smaller as domestic output increases, particularly with Zohr coming online in December.