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Global LNG prices begin to soften

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LNG Industry,

According to Reuters, Asian spot LNG demand has softened for November after several weeks of strong demand and tightening supplies.

The hike in prices and limitations on supplies have led to buyers holding off and waiting for a correction in prices, subsequently leading to this observed market softening.

Spot prices for November deliveries to Asia are now approximately US$12 per million Btu, down 5 cents from previous weeks. According to source late October cargos have also weakened during, slipping to around US$11.40 from US$11.55. These trends mark a change from previous weeks where multi-year seasonal highs were reached.

Aside from pre-winter demand from Japanese and South Korean customers, prices of contracts have been pulled up by rising oil prices (against which several deals are priced).

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