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Asian LNG spot prices hit six-month high

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LNG Industry,

Reuters is reporting that the latest market estimates have placed Asian LNG spot cargo prices at a more than six-month high.

Indeed, the average LNG cargo delivery price for September is currently reported to be between US$3.60 and US$3.80 per million Btu. This is US$0.60 per million Btu higher than the last weekly estimate. October deliveries are currently priced at between US$3.80 to US$4.00 per million Btu.

According to Reuters data, this is the first time since January that price levels have registered close to US$4.00 per million Btu.

Reuters trading sources have pointed to the ongoing maintenance at Gorgon LNG as playing a key role in fuelling this uptick in demand. Gorgon LNG 2 in particular has been offline for maintenance since May, and its restart date postponed from July to September. Two other trains at the plant have also been inspected to address safety concerns. It has been suggested that these events have led customers of the project to turn to the spot market for replacement cargoes.

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