Pakistan secures 3 bids for spot LNG cargoes

After 28 months away from the spot market, Pakistan LNG Limited has taken three bids at $18/mmBtu — roughly double the long-term contract rates that used to keep the grid stable. Lead with the dependency chain: the Iran war has shut the Strait of Hormuz to tanker traffic, Qatari long-term cargoes are delayed, Pakistan has no choice but to pay spot prices it stopped paying in 2023. Ordinary Pakistanis are about to see the war in their gas bill.