Asian LNG prices up on firm demand

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    LONDON- Asian spot liquefied natural gas (LNG) prices rose last week on firm demand in the region, as well as supply concerns in the United States due to a hurricane and stronger European gas prices.

    The average LNG price for November delivery into northeast Asia was estimated at $5.50 per million British thermal units (mmBtu), $0.30 mmBtu above last week’s level.

    The price for December 2020 delivery was at around $5.70 per mmBtu, trade sources said.

    Demand for LNG is expected to be high in both Asia and Europe in the fourth quarter.

    “We are expecting a substantial yearon-year increase in Northeast Asia’s Q4 2020 demand for LNG because of increased heating load compared to last winter,” consultancy Energy Aspects said in a report, adding that lower nuclear output in South Korea may also create additional LNG demand.

    In India, demand is back to usual levels after a fall caused by the COVID-19 pandemic earlier this year, a source in the country said.