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ICICI Securities Report
Japan Korea Marker spot liquefied natural gas price surged approximately 18 times from lows in May 2020 to $32.5/ million British Thermal Unit as extreme cold weather boosted demand in Northeast Asia and outages and shortage of LNG carriers curbed supply.
The surge in spot LNG and oil prices may mean increase in GAIL Ltd.'s Q4 FY21E gas marketing Ebitda and upside to its FY21E earning per share of 4-37%.
The recent rise in Brent and futures may mean upside to GAIL's FY22E gas marketing Ebitda of 142% and EPS of 15%.
Spot LNG surge may hit Gujarat Gas Ltd.'s Q4 FY21E margin unless it hikes prices to pass on cost to industrial consumers.
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