Asian spot prices for liquefied natural gas (LNG) reportedly remained firm over the past week, supported by strong oil and coal markets.
Asian LNG prices for delivery in June LNG-AS were at $8.1 per million British thermal units (mmBtu), up 15 cents from last week’s value and more than 15 percent above a seasonal low from early April, Reuters reported on Friday.
Citing traders, the report further said that prices remained firm despite LNG markets being in the midst of the northern hemisphere’s low-demand spring season, during which little gas is used.
In physical markets, Taiwan’s state utility CPC bought LNG for June via a tender for about $8.30 per mmBtu, according to the report.
South Korea’s SK Energy is also seeking a cargo for early June and July delivery, while India’s Gail awarded 12 LNG cargoes to Dominion Energy’s Cove Point LNG export facility in the United States this week, the report said.
In Africa, Cameroon is preparing its first LNG cargo from the Golar LNG-built Hilli Episeyo Floating LNG facility, with the Galicia Spirit tanker due to load while Angola also issued an LNG export tender this week, it said.