By Ekaterina Kravtsova
LONDON, Sept 27 (Reuters) - Asian spot prices for liquefied natural gas (LNG) remained relatively stable this week, having firmed over the previous two weeks on turbulence in the gas and crude oil sectors.
The average LNG price for November delivery into northeast Asia is estimated at $5.75 per million British thermal units (mmBtu), down from $5.80 mmBtu last week.
While there were no indications of rising demand, some traders may have looked to close financial exposure towards the end of the month, an industry source said, adding that this provided some price support on Friday.
The market expects some volatility in the coming week as European front-month gas contracts roll from Ocotber to November, which could lead to the November price becoming more bearish because Europe is well supplied with LNG and has full gas stocks.
"That's something a lot of people are betting on," one European trader said.
Any movement on European gas prices is expected to translate to Asian LNG prices.
Despite the bearish outlook, European gas traders are also getting ready for potential price spikes on uncertainty over Norwegian gas flows in Europe, a Russia-Ukraine transit agreement and problems with several French nuclear reactors among other factors. on the LNG market this week also indicated that market participants may have different expectation for future price direction.
Some buyers, such as Indian Oil Corp IOC.NS and India's Gujarat State Petroleum Corp (GSPC), cancelled their latest tenders, two sources said, adding that offers they received might have been higher than expected.
Some other buyers re-issued previously unawarded tenders, in likely expectation that prices could rise even higher.
Japan's Nippon Steel 5401.T issued a tender for mid-November delivery, which probably a re-issue of an earlier tender, a source said.
Turkish state energy company Botas has re-issued a tender for four winter LNG cargoes, another source said. The company held a similar tender in August but it remained anawarded. Steel India ESRG.UL has re-issued a tender for 2020 delivery after a similar one was not awarded earlier in September, sources said. this week also came from India's Reliance Industries RELI.NS , which was seeking a cargo for early November.
On the supply side, Egypt's EGAS cancelled its six-cargo tender for loading between Oct. 5 and Nov. 1. This was its third cancellation in a row.
Supply offers came from Nigeria LNG and Angola LNG, the former offering two October cargoes and the latter ofring a single cargo. producer Novatek NVTK.MM was selling a cargo from the Yamal plant for delivery in Europe in late November.
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