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Japan spot LNG contract price hits 5-month high

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LNG Industry,

Reuters are reporting that prices for LNG spot cargoes for Japan hit a five-month high in August.

The average contract price for spot LNG cargoes for shipment to Japan last month was US$5.80/mmBtu, according to data from the Ministry of Economy, Trade and Industry.

This is in line with the wider Asian benchmark for last month, supported by sputtering output and stockpiling ahead of winter.

Spot gas prices in Asia LNG-AS had risen to US$6.05/mmBtu by the end of August from US$5.90/mmBtu earlier in the month.

The average price of spot LNG cargoes that arrived in Japan last month was US$5.60/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.

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