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Japanese LNG players to offload excess

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LNG Industry,

Reuters are reporting that Asian spot LNG prices extended losses this week as oversupplied Japanese utilities sought to offload cargoes and as key European gas benchmarks softened.

Asian prices for LNG delivery in March dropped 25 cents to approximately US$7.75/mmBtu, ranging from US$8/mmBtu to about US$7.60/mmBtu.

Prices tailed off even more sharply into April, currently trading at around the US$7/mmBtu mark.

Kansai Electric, Osaka Gas and LNG importing giant JERA are expected to unload at least one cargo apiece for March delivery.

A second trader said JERA was already marketing two shipments from Indonesia's Donggi-Senoro LNG export facility and that it has likely sold one of those cargoes.

Further weighing on Asia's March LNG contract was an 8% slide in Europe's equivalent benchmark, which settled at US$6.40 per mmBtu on 27 January.

China's Sinopec put up for tender several cargoes for February and March delivery from Australia's AP LNG project.

Exxon Mobil's Papua New Guinea export plant sold off one cargo for March and one for April loading, via a tender process, at a price above US$8/mmBtu.

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