 prices remained at a near one-year low this week, as supply disruptions from three… ){kind=link}
Asian spot liquefied natural gas (LNG) prices remained at a near one-year low this week, as supply disruptions from three export facilities in the region and some buying interest capped losses fuelled by overall weak demand.
The average LNG price for June delivery into north-east Asia LNG-AS was at $11.50 per million British thermal units (mmBtu), estimated industry sources, down from $11.80/mmBtu last week but still at its lowest levels since mid-May.
“Lower Asian LNG prices this week prompted opportunistic buying by some East Asian importers, while supply disruptions at export projects in Australia and Brunei provided support to otherwise falling regional fundamentals,” said Rystad senior analyst Masanori Odaka, adding that Korea Gas Corporation, Taiwan’s CPC Corporation and a Chinese importer had recently made spot purchases.
“While some Asian importers took advantage of the dip to make purchases, others adopted a wait and-see approach as they evaluated turbulent market conditions amid sufficient storage levels.”
Inpex Corp, which operates Australia’s Ichthys LNG, said the rate of production at the plant has decreased temporarily, without specifying why or when full production would resume.
In Southeast Asia, industry and trade sources said…