According to Reuters, after weeks of declines and lows, Asian LNG spot prices are now on the rise, as the low prices have drawn interest from several buyers.
The latest average price for an LNG delivery to Asia in April has been reported as approximately US$3.00 per million Btu. This is US$0.30 per million Btu higher than the estimate that preceded it for a cargo delivery in March.
Indian LNG buyers have been particularly active in the market as of late, issuing several spot and multi-cargo tenders to take advantage of the record low prices. Indeed, India is reportedly set to import a record 2.36 million t of LNG this February. It has been purchasing interest such as this that has helped the market to get back on track.
Furthermore, Reuters sources have said that fears surrounding the coronavirus outbreak in China and its impact on demand are receding. This has also contributed to stabilising and supporting LNG prices.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/24022020/asian-lng-spot-prices-rise-as-low-prices-spark-interest/