Reuters is reporting that Asian spot LNG prices have suffered a further decline from multi-year seasonal highs.
Spot prices for November deliveries have fallen as low as US$11.10 per million Btu. Similarly cargoes for delivery in late October are hovering around US$10.70 to US$11.00 per million Btu.
The cause of this trend has been sighted as being due to ‘lacklustre demand from well-stocked Asian utilities and healthy supply’.
The current and past few months appear to represent a lull between summer and the autumn rush where energy providers begin stocking for winter. Asian utilities in particular do not seem to be ready to buy up stocks for winter just yet.