Southern Cone gas and power markets short-term outlook March 2021 Report

Commodity Market Report 26 March 2021

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Report summary

Brazil had remarkable milestones in March: Congress approved the New Gas Law, and the consortium of BM-C-33 made public its concept for Cabiunas to be the landing zone for the gathering route. Argentina also had relevant events: the Argentine Energy Secretariat approved the offerings of Gas Scheme Round 2 for winter seasonal supply, and IEASA purchased 24 LNG cargoes to be delivered between May and September. Improved hydrology over March in Brazil and Chile reduced average spot prices to US$ 20 per MWh and US$ 52 per MWh, respectively. Despite the better hydrology, Bolivia gas flows to Brazil maintained similar levels as February, but Bolivia flows to Argentina increased as Argentina is recovering its industrial gas demand.