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Asian LNG prices dip on output

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LNG Industry,

Reuters are reporting that Asian spot liquefied natural gas prices fell from a two-year high this week as a production restart in Angolan and Australian plants boosted supply back into a subdued market.

The spot price of LNG for February delivery to North Asia fell to US$9.50 per million British thermal units (mmBtu).

Prices for March deliveries were lower at around US$8.25/mmBtu and in focus as the market prepares to shift trade from February to March cargoes.

A large amount of sell tenders that were released by Indonesia, Australia, Angola and Abu Dhabi this week highlighted that the market is set to be well-supplied.

Abu Dhabi LNG and Australia's Gladstone LNG had each offered a cargo for loading in February.

Supplies between May and October are also expected to remain high after Indonesia's Donggi-Senoro LNG plant offered three cargoes, while Australia Pacific LNG also offered three.

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