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.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/16012017/asian-lng-prices-dip-on-output/