OIL & GAS

Prompt Asian LNG prices hit four-month low, drop below $5/mmBtu

Asian spot prices for liquefied natural gas (LNG) for the current month fell below $5 per million British thermal units (mmBtu), to their lowest in four months, as buyers remained on the sidelines ahead of the Lunar New Year holidays.

Several cargoes were also offered in the spot market by various suppliers which helped absorb plant issues in Malaysia.

The average LNG price for March delivery into northeast Asia is estimated to be about $4.60 per million British thermal units (mmBtu), down 15 cents from the previous week, and the lowest since September last year, several industry sources said.

Prices for cargoes delivered in February are estimated to be $5.25 per mmBtu, down five cents, they added.

Exports from Malaysia’s Bintulu plant operated by Petronas may have been affected following a fire on the Sabah-Sarawak Gas gas pipeline in East Malaysia, industry sources said.

Source
Reuters
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