Asian LNG prices jump

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    SINGAPORE- Asian spot liquefied natural gas (LNG) prices jumped to a multi-month high earlier this week, although they eased slightly towards the end of the week on expectations of more supply from the United States.

    The average LNG price for October delivery into northeast Asia LNG-AS was estimated at about $4.10 per million British thermal units (mmBtu) this week, up 40 cents from the previous week, but down about 10 to 20 cents from earlier this week.

    Prices for cargoes to be delivered in September were estimated at about $3.90 to $4 per mmBtu, several traders said.

    “Expectations of more cargoes from the US as well as news that the maintenance at Gorgon will not be as extensive as initially thought will weigh on prices,” a Singapore-based LNG trader said.

    Chevron Corp plans to shut Train 1 at its Gorgon LNG plant in Australia in early October and Train 3 in January 2021 for inspections on key equipment in the processing units, Western Australia’s industrial regulator said.