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Japan spot LNG contract price falls to 7-month low in May

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LNG Industry,

Reuters are reporting that the average contract price for spot LNG cargoes for shipment to Japan fell to a seven-month low last month.

The average contract price last month was US$8.2 per mmBtu, down 90 cents from April, according to monthly data from the Ministry of Economy, Trade and Industry (METI).

The average price of spot LNG cargoes that arrived in Japan during May was US$7.9 per mmBtu, down from US$8.8 in April.

Asian spot LNG prices held around US$8.1 per mmBtu in early May before rising gradually to US$9.20 by the end of month, marking a three-year summer season high driven by crude oil gains, production outages and demand from key Asian consumers.

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.

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