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Japan spot LNG contract price falls to lowest level in 18 months

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LNG Industry,

According to Reuters, data released by Japan’s Ministry of Economy, Trade and Industry (METI) has shown that the average contract price for spot LNG cargoes delivered to Japan in February this year fell to its lowest level since September 2017.

Reportedly, the average cost for shipped cargoes last month was US$7.50/million Btu. According to Reuters, spot prices for LNG LNG-AS in Asia have now fallen for 11 consecutive weeks, and are down by over 30% from the start of the year. Reuters reports that this is due to milder weather this winter, as well as plentiful supplies.

According to Reuters, the average price of spot cargoes that arrived in Japan in February was US$8.30/million Btu. This is reportedly the lowest level since May 2018.

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