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Asian LNG spot prices decline due to coronavirus disruption

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LNG Industry,

Reuters is reporting that Asian LNG spot prices have declined once again due to further disruption caused by the COVID-19 coronavirus pandemic.

In recent weeks, the major factor influencing Asian LNG spot prices, related to the coronavirus pandemic, has been disrupted and dampened demand. Indeed, LNG buyers are now increasingly looking to push back cargo deliveries. These challenging circumstances have not been helped by the fact that global LNG and gas stocks were already high prior to the outbreak of the virus.

Speaking to this, one Reuters trading source said: “Coronavirus has made the bad much worse. The market is down due to low offtake by usual buyers.”

The latest average LNG spot price for a delivery to northeast Asia in June has been estimated at approximately US$2.30 per million Btu. This is US$0.20 per million Btu less than the previous estimate announced last week, and reportedly almost half the price recorded for cargoes delivered in June 2019.

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