LONDON- Asian spot prices for liquefied natural gas (LNG) slipped this week as new supply offers kept coming on the market amid subdued demand.
The average LNG price for January delivery into northeast Asia LNG-AS was estimated at around $5.60 per million British thermal units (mmBtu), $0.10/mmbtu down from last week.
Buying activity was limited in both Asia and Europe as gas stocks were high, market sources said. But supply offers were ample.
“It’s a slow grind down,” one LNG trader said. “At the moment, I don’t see a reason for prices to start rising in December.”
Two of Australia’s projects were selling strips of cargoes.
Australia Pacific LNG (APLNG) has offered one cargo a month for loading over 2020.
Ichthys LNG plant has offered five cargoes for loading between December and April.
Australia’s producer Woodside Energy was selling a late December cargo from Pluto LNG, a source said.
Another Australian project, Gorgon, was expected to end its planned maintenance on one of its trains on Friday after a production reduction for more than a month. – Reuters