The spot price for LNG delivered to NE Asia dropped to $4.65 per mmBtu in the week to March 21, the lowest since May 2016. It’s been an unusual northern winter for LNG, with the price peaking at $10.90 per mmBtu in November and steadily sliding since then. The more normal seasonal pattern is for spot LNG prices to peak around January before slipping in the shoulder season of spring.
The issue for LNG is supply rather than weak demand, with the last of the eight major Australian projects built over the past decade coming on stream, and more volume becoming available from the United States. Refinitiv vessel-tracking and port data confirm that consumption has been quite robust. LNG deliveries in top three importers, Japan, China and South Korea, were about 73.3 million tonnes for the four months from November to February. The previous winter, imports for those months totalled 70.3 million tonnes.
Source:Reuters
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