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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