LNG: India’s BPCL Seeks JKM-Linked Spot Nov Cargo: Platts

India's BPCL issued a spot tender to buy November delivery LNG cargo at a JKM-linked price in a rate move, sources told Platts * The company sought 3.1-3.8 TBtu of LNG with 10% operational tolerance for delivery to Dahej, with delivery windows of Nov. 21, Nov. 23-24, Nov. 26, or Nov. 29-30, while sellers are required to submit offers at December JKM-linked prices. * The tender closed Sep.24. * India's buyers typically take spot cargoes at flat prices, and it is rare to use the JKM benchmark, Asia-based LNG traders told Platts. * Buying spot cargoes at fixed prices makes it easier for buyers to sell the cargoes in the downstream market because they already know the purchase prices. * JKM-linked cargoes can mitigate the risk of buying spot cargoes at extremely high prices by averaging out price volatility, allowing for better hedging. * LNG demand from India remains strong despite high prices following the closure of the Strait of Hormuz, taking at least 7 cargoes so far in September.