Asia LNG Prices Drop on Ample Supply
From Business Day Online
Liquefied natural gas prices for Northeast Asia dropped this week due to ample supply and reduced demand for spot cargoes, according to Energy Intelligence Group.
Nigeria LNG Ltd., Africa’s biggest exporter of the fuel, closed a tender Aug. 17 to sell two cargoes loading in September. One shipment was awarded to Malaysia’s state-owned oil and gas producer, Petroliam Nasional Bhd., which sent the tanker Seri Bijaksana to load the supercooled gas, a company official said Aug. 26. Deliveries from Nigeria LNG resumed last month after the company lifted a force majeure.
The cost of LNG for delivery over the next four to eight weeks was $15.25 per million British thermal units in the period ended Aug. 26, down from $15.40 the previous week, the New York-based research company said on the website of its World Gas Intelligence publication. Southwest Europe gas declined to $11.65 from $11.90.
By posting your comment, you agree to abide by our Posting rules