MEXICO CITY/NEW YORK (Reuters) – Oil trading firms, including Trafigura, are supplying Mexico with emergency cargoes of liquefied natural gas (LNG) to overcome a power crisis caused by interrupted U.S. natural gas supplies, three sources close to the purchases said.
Mexico’s state-run power company Comision Federal de Electricidad (CFE) last week resorted to LNG imports as natural gas supplies from the southern United States, especially neighboring Texas, were hit by frozen pipelines and rocketing prices caused by a cold snap.
The trading companies were able to divert LNG cargoes going to Asia while offering Mexico unsold cargoes that were anchored off the U.S. Gulf Coast, the sources said, even though Texas Governor Greg Abbott temporarily restricted out-of-state gas supplies, primarily affecting Mexico.
Trafigura declined to comment on the matter. Mexico’s energy secretary and CFE did not reply to requests for comment.
The first two LNG cargoes bought by CFE discharged last week at Mexico’s Manzanillo and Altamira ports on tankers Flex Courageous and Seri Balhaf, respectively, according to Refinitiv Eikon vessel tracking data.
