OIL & GAS

LNG prices slip but remain at double digits on firm demand

Spot liquefied natural gas (LNG) prices in Asia slipped this week, but remained at double digits as demand was firm globally from the power generation sector, according to trade sources.

The average LNG price for August delivery into Northeast Asia was estimated at about $11.70 per metric million British thermal units (mmBtu), down 10 cents from the previous week, they said.

The price for cargoes delivered in July was estimated to be about $11.90 per mmBtu, down 20 cents from the previous week, they added.

Still, LNG prices have more than doubled since late February.

That has been driven by “strong Asian LNG demand, especially in China, low European summer gas stocks, record EU carbon prices and unplanned LNG plant outages,” said Ed Cox, global LNG editor at ICIS, in a note earlier this week. read more

Demand from China continued to be firm with Guangzhou Gas seeking a cargo for delivery in July and Shenzhen Energy buying a cargo for delivery in July at about $11.70 to $11.80 per mmBtu, traders said.

Source
Reuters
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