Asian LNG prices at more than seven-month high amid supply issues

Asian spot liquefied natural gas (LNG) prices rose this week as there were supply issues in Australia and the United States, while several buyers were looking for cargoes. The average LNG price for October delivery into northeast Asia LNG-AS was estimated at $4.5 per million British thermal units (mmBtu), $0.45 per mmBtu above last week’s level, market sources said.

This is the highest price since late January, Reuters price assessment data showed. After a previous two-month delay in restart of the Gorgon Train 2 due to maintenance works, Chevron Corp said on Thursday it would further delay the restart to October from early September. The facility at Australia’s second-largest LNG plant has been shut since May.

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