New cargo offers depress Asian LNG prices reversing upward trend


New cargo offers depress Asian LNG prices reversing upward trend

The upward trend in Asian liquefied natural gas (LNG) prices reversed this week as ample offers of cargoes saturated a market where demand was limited.

After rising for two weeks to reach over $6.00 per million British thermal units (mmBtu) in the second week of April, the June price for delivery of LNG into northeast Asia dropped into $5.00 territory, sources said.

The average June price was estimated at $5.40 per mmBtu on Thursday as offers of supply met with sluggish demand and a drop in European gas prices.

Reflecting the low levels of local demand, China National Offshore Oil Corp (CNOOC) issued a sell tender for a July delivery cargo to ports outside China from its Hainan terminal. Read More

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