The shock absorber cracks

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Yesterday, Pakistan issued its first spot tender since December 2023. Pakistan LNG Limited wants three cargoes of approximately 140,000 m³ each, delivery at Port Qasim between 27 April and 14 May. Bids close today.Pakistan went twenty-eight months without touching the spot market. It didn’t just sit it out; through 2024 and 2025 it was actively trying to offload LNG it didn’t need. Now, it does.A consumer-driven >30 GW rooftop solar boom, the largest build-out relative to grid size of any country, knocked 11% off grid demand, stranding long-term obligations that had been sized for a very different energy scenario. Islamabad deferred five Qatari cargoes from 2025 into 2026, cancelled 21 Eni cargoes outright, and began reselling excess volume into regional markets on a Net Proceeds Differential basis, i.e. swallowing the risk of loss. As recently as mid-March, per IEEFA, Qatari- and Eni-contracted cargoes were still being diverted for 2026-27.In other words: a few weeks ago, Pakistan was a seller. This week it is a buyer. Sign up for 💥 Energy Flux 💥 Fiercely independent energy market analysis Subscribe Email sent! Check your inbox to complete your signup. No spam. Unsubscribe anytime. The reversal has been driven by a heatwave expected to persist into May, a 4.5 GW electricity deficit, and widespread blackouts in recent weeks. Energy Minister Awais Leghari told Reuters the government is “not sure when it will get more cargoes from Qatar”. Pakistan’s Power Division had initially requested four emergency cargoes; PLL is tendering for three.This is not an isolated event. It is…