According to Reuters, after climbing for the past two weeks Asian LNG spot prices have now suffered another decline. The decline has been triggered by ample new cargo offers saturating the market.
At their recent peak, Asian LNG spot prices reached US$6.00 per million Btu. Now, the latest estimates of cargo prices for June delivery are reportedly in the range of US$5.00 per million Btu.
New cargo offers have come from China’s CNOOC, Australia’s Ichthys LNG project, Malaysia’s Petronas, BP and Royal Dutch Shell.