According to Reuters, spot LNG prices in Asia remain higher than the past three years as persistent low temperatures across Japan and steady high demand from Chinese importers continue to buoy the market.
Japanese utilities have been actively sourcing cargoes in recent weeks as cold weather sweeping the country has fuelled demand and put pressure on buyers to replenish depleted stocks.
Furthermore, while long-range forecasts for Japan predict a return to normal in the coming weeks, temperatures are expected to plunge in South Korea’s capital, Seoul, which is expected to add to pre-existing demand.
China also continues to attract spot cargoes following its rapid consumption growth in 2017 when imports grew 48.4%. The country’s rapid shift to gas from coal this year has led to supply shortages as well as initiating price spikes.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/03012018/spot-lng-prices-remain-above-average-as-cold-weather-continues/