Japan spot LNG contract price hits 5-month low in March
TOKYO (Reuters) -- Prices for LNG spot cargoes for Japan, the world's top buyer, fell to a five-month low in March from a two-year high the month before, official data showed on Tuesday.
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| Photo Courtesy of Reuters. |
The average price of spot LNG contracted last month was $6.20 per million British thermal units, according to monthly data from the Ministry of Economy, Trade and Industry (METI), down $2.30 from the previous month and the lowest since last October.
That was broadly in line with the wider Asian benchmark for last month due to tepid demand for the cleaner fuel, with imports by India and China lagging 2016 levels and South Korea needing less gas due to new coal power plants.
Spot gas prices in Asia LNG-AS had fallen to $5.70 per MMbtu by the end of March from $6.00 per MMbtu earlier in the month, according to data on Thomson Reuters Eikon.
The average price of spot LNG cargoes that arrived in Japan last month was a two-month low of $7.70 per MMbtu.
METI surveys spot LNG cargoes bought by Japanese utilities and other importers, but excludes cargo-by-cargo deals linked to benchmarks such as the US natural gas Henry Hub index.
It only publishes a price if there is a minimum of two eligible cargoes reported by buyers.
The following table lists the monthly average prices in MMbtu for contracted and arriving spot LNG cargoes. Prices are converted to delivery on an ex-ship basis.
Reporting by Osamu Tsukimori; Editing by Joseph Radford
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