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Global LNG prices rise to 6-month high

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LNG Industry,

Reuters are reporting that Asian spot LNG prices rose to their highest since mid-February this week, buoyed by rising demand from traders and as buyers begin to positions themselves for upcoming winter demand.

Spot prices LNG-AS for October delivery rose 30 cents to US$6.40/mmBtu on 8 September. November prices were eyed higher at around US$6.80/mmBtu.

Some utilities have turned to cheaper October supplies to build inventories in the face of even higher prices in November.

Asian spot prices also gained because of disruptions to US loadings by Hurricane Harvey, which filtered through to Asia as UK National Balancing Point (NBP) natural gas prices rose.

NBP prices have gained 2.3% in the past week to 46.05 pence per therm, and by around 4.7% since Hurricane Harvey hit the US on 25 August.

Loadings at Cheniere’s Sabine Pass terminal in Louisiana resumed on 6 September, after more than a week of delays.

Upcoming winter demand is another factor supporting higher spot prices this week.

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