LONDON- Asian spot liquefied natural gas (LNG) prices were down this week despite news of potential COVID lockdown easing in China as players await an actual rebound in procurement activity to meet Autum-Winter seasonal demand.
Meanwhile, in Europe, concerns about Russian pipeline supply have slightly receded on signs that some European buyers are paying for Russian gas via a new payment mechanism, with half of Gazprom’s 54 clients have opened accounts at Gazprombank, as European companies approach imminent payment deadlines.
The average LNG price for July delivery into north-east Asia was estimated at $22.40 per metric million British thermal units (mmBtu), down $0.95 from the previous week, industry sources said.
LNG prices for a delivered ex-ship (DES) basis into the Northwest Europe were assessed at $22.638 per mmBtu on May 19, at a discount of $6.012/mmBtu to July price on the Dutch gas TTF hub, said Ciaran Roe, global director of LNG at S&P Global Commodity insights.
