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LNG spot prices in Japan hit record low

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LNG Industry,

According to the latest Reuters report, prices for LNG spot cargoes delivered to Japan in February reached record lows due to the impact of coronavirus, oversupply and mild weather on demand.

In the words of Reuters reporter Aaron Sheldrick, “LNG prices have been hit by a perfect storm of new supply coming on stream in the US and Australia, a warmer northern hemisphere winter, and the coronavirus outbreak this year that has eviscerated demand for gas and other commodities.”

The average LNG spot price for cargoes imported to Japan in February reportedly fell to approximately US$3.40 per million Btu, a rapid decline of US$2.50 per million Btu from January’s average price of US$5.90 per million Btu.

This monthly average price for Japanese spot cargoes is the lowest price recorded by the Ministry of Economy, Trade and Industry (METI) since it first started publishing this data in March 2014.

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LNG import news Japan LNG news