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Asian spot LNG prices continue to rise

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LNG Industry,

According to Reuters, Asian spot LNG prices have risen this week for the third week in a row.

Reuters reports that this was driven by demand from both Japan and South Korea, as well as by loading delays from Brunei that have now come to an end.

Industry sources reportedly stated that spot prices for October LNG-AS delivery in Asia increased this week, reaching US$11.50/million Btu. This is an increase of 10 cents from the previous week. The sources added that Japanese utilities purchased spot cargoes for delivery this October; purportedly in order to stock up prior to peak demand in winter.

In addition to this, Reuters reports that loading delays that have occurred at the Brunei LNG plant look to have now been resolved, according to trade sources. The Amani LNG tanker had remained near Brunei port for a week, but has now loaded from the plant and departed.

Cargo deliveries were reportedly delayed to term customers of the Sakhalin-2 LNG project in Russia. This was due to one of two production lines at the project being halted due to a problem. Reuters reports that it is expected that this issue will be resolved shortly.

According to Reuters, the Yamal LNG plant has offered cargoes to Asian customers for delivery this winter, but it is not yet clear if any have yet been sold.

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