LNG prices stable amid low demand

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    LONDON- Asian spot liquefied natural gas (LNG) prices remained stable this week for the fourth week in a row, with global demand staying weak and spot market activity reduced.

    The average LNG price for August delivery into northeast Asia LNG-AS was estimated at around $2.20 per million British thermal units (mmBtu), the same level as the previous week.

    Despite low spot prices, cargo requirements are muted due to strong gas oversupply around the world, industry sources said, with inventory levels high in Asia and long-term contracts largely covering demand.

    Some sellers kept offering cargoes to the spot market, however.

    Russia’s Sakhalin 2 plant offered a cargo for Aug.18 loading in a tender this week.

    Australia’s Ichthys plant was selling two cargoes for loading over late July and early August.

    Abu Dhabi National Oil Co (ADNOC) has sold an LNG cargo for loading in early August at a price of high-$1.00s ($1.80-$1.95) per mmBtu on a free-on-board basis (FOB).

    Exxon Mobil Corp’s Papua New Guinea export plant awarded a July 23 loading cargo at $2.15 per mmBtu on a delivered ex-ship basis, two sources said.

    On the demand side, Turkish state energy company Botas was seeking five cargoes for delivery in August and September.

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