Asian spot LNG prices drop

For illustration purposes only; Pyeongtaek LNG terminal in South Korea (Image courtesy of Kogas)

Asian spot prices for liquefied natural gas (LNG) reportedly declined 10 percent this week to a more than three-month low due to a slide in oil prices and forecasts for a warmer than average winter.

Spot prices for January delivery in North Asia LNG-AS were estimated at $10 per million British thermal units (mmBtu), 90 cents lower than last week, according to a Reuters report on Friday citing traders.

Temperatures in major cities Tokyo, Beijing and Shanghai in the world’s top two LNG buyers, Japan and China, are expected to be warmer than usual next week.

Demand from end-users in North Asia remained muted while a big drop in Brent oil prices was causing jitters in the LNG market, the report said.

Trading remained thin in the region with several LNG tankers still floating around Asia.

But the situation may soon stabilise as end-users have stopped reselling cargoes, the report said.

 

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Posted on November 23, 2018

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