Indian LNG Importers Scoop Up Spot Shipments After Prices Recede

India’s liquefied natural gas importers have accelerated purchases from the spot market, taking advantage of a recent dip in prices, as the country looks to ease a supply crunch triggered by the war in the Middle East.

Bharat Petroleum Corp., Gail India Ltd. and Gujarat State Petroleum Corp. bought shipments for delivery between April and June at below $16 per million British thermal units, according to traders with knowledge of the matter. The supplies were purchased in tenders that closed on April 15, said the traders, who asked not to be named because they’re not authorized to speak to media.