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No new demand leaves spot price languishing

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LNG Industry,

Reuters are reporting that Asian LNG spot prices dropped last week due to a lack of significant new demand from the Middle East and others as supplies emerged from Papua New Guinea, Angola, Abu Dhabi and Russia.

Spot prices for July delivery were assessed at US$5.45 per million British thermal units, down 5 cents from the week prior.

Demand from Argentina to South Korea and Japan did little to lift July prices above later months.

Additional supplies from new project start-ups are around the corner however. Test cargoes from Chevron's Wheatstone project in Australia are due from June or July.

Meanwhile, exports from Train 4 at Cheniere's Sabine Pass plant are to start in September.

Royal Dutch Shell sold a cargo to Mexico's CFE in a tender launched on 22 May – with cargo delivery due on 22 May.

Russia's Sakhalin II export facility is widely tipped to launch a tender next week to sell a July cargo, in addition to other potential cargoes.

Angola, meanwhile, launched a tender to sell a cargo loading on 23 – 25 June, with bids due on 31 May. Nigeria LNG is offering three June-loading cargoes.

Argentina is seeking 16 cargoes for delivery across July and October, while Japan's Nippon Steel seeks three cargoes for delivery later this year and next year.

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