Asia spot liquefied natural gas prices edged lower this week, weighed by tepid demand in the region and ample supply conditions.
The average LNG price for February delivery into Northeast Asia was estimated at $9.50 per million British thermal units (mmBtu), slightly down from $9.60/mmBtu from the previous week, industry sources said.
“Northeast Asian demand continues to remain weak despite a cold snap in December, with limited restocking demand on a spot basis following weak power sector demand, with coal still favoured for most generation,” said Martin Senior, head of LNG pricing at Argus.
However, he added that there have been some prompt diversions to South Korea following record low temperatures in Seoul last month, with the demand likely backfilling stocks.