Tokyo Gas Seeks LNG Trading Gains Amid Prolonged Iran War
Tokyo Gas, Japan's largest city gas provider, is looking to optimize its LNG supply and demand through global trading capabilities as it aims to reach an annual trading volume of 5 million metric tons by 2030.
The company's push comes amid a prolonged Iran war that has tightened supplies on the spot liquefied natural gas market, putting upward pressure on prices that could persist if the conflict drags on.
Tokyo Gas reported a 65% decline in net profit for the first quarter of its fiscal year due to the absence of one-off gains booked a year earlier.
The company's U.S. shale gas business, however, supported revenue with stronger prices. The average Henry Hub gas price rose to about $5 per million British thermal units in the period, up from $3.6 a year earlier.