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Asian LNG prices hit parity with British gas benchmark

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LNG Industry,

Reuters are reporting that Asian spot prices for LNG delivery in March fell to parity with European gas benchmarks on 3 February, while importers in India, Thailand and Mexico finalised purchases amid healthy supply.

Traders announced that Asian prices for March delivery fell 25 cents to about US$7.50 per mmBtu, matching the UK's National Balancing Point trading hub levels.

Qatar's liquefaction Train 7 - previously idled for maintenance - resumed production on 3 February, raising the possibility of more frequent deliveries to Britain from the second-half of March and April.

Meanwhile, Australia's AP LNG project is expected to idle half a train's output towards the end of February.

Output from the giant Gorgon project was steady however, with plant operator Chevron readying to bring a third production line on-stream early in the second-quarter.

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