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Asian LNG spot prices jump 20%

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LNG Industry,

Reuters is reporting that Asian LNG spot prices have recorded a jump of at least 20% in the last week.

This sudden spike in prices is the result of a resurgence in demand occurring in Asia, while the rest of the world is in the process of cutting back on production, as a result of the impact of the COVID-19 coronavirus pandemic.

Indeed, on one hand global supply of LNG has constricted, as approximately 20 US LNG cargo deliveries to Europe have been cancelled, and, according to Reuters trading sources, as Malaysia and Australia have also been curbing their production.

However, on the other hand, as lockdowns and movement restrictions are lifted and business begins to return to normal in countries such as China and South Korea, demand for LNG in Asia is beginning to recover.

The resulting price spike has been such that several cargoes have reportedly being traded for US$2.40 to US$2.65 per million Btu. A notable improvement compared to the record low US$2.00 per million Btu rate that cargoes were being traded at last week.

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