SINGAPORE- Asian spot liquefied natural gas (LNG) prices rose to a one-month high this week on supply disruption from Russia and buying interest from China and India, several trade sources said.
The average LNG price for April delivery into Northeast Asia was estimated at about $6.50 per million British thermal units (mmBtu), up about 80 cents from the previous week, sources said.
Prices for cargoes delivered in May were estimated at about $6.55 per mmBtu, they added.
“Strength in April (prices) is due to short covering from Sakhalin outages,” a Singapore-based source said, adding that buying interest from Chinese also boosted prices.
Russia’s Sakhalin Energy, the international operator of a pioneering liquefied natural gas (LNG) plant in eastern Russia, said it had to make changes to its LNG output on March 1 after the failure of one of two gas pumping aggregates.