India Snaps Up Spot LNG Cargoes as Asian Prices Slide

India is back to buying spot LNG cargoes as benchmark Asian prices slumped to the lowest in a month amid demand destruction and hopes of a resolution of the Middle East conflict. Major LNG importers in India, such as Bharat Petroleum Corporation Limited (BPCL), Gail India Ltd, and Gujarat State Petroleum Corporation Ltd (GSPC), this week purchased cargoes of LNG at prices below $16 per million British thermal units (MMBtu), anonymous trade sources familiar with the deals told Bloomberg. These are some of the first purchases in weeks. Indian importers…