Japan Cuts Spot LNG Purchases for May by 27 Pct

In May, Japan reduced purchase of spot LNG cargoes by 27 percent from a month earlier, says Bloomberg.

Spot LNG prices went to around $920 a ton, which is 16 percent more than last year’s average.

After last year’s earthquake and tsunami, Japan turned off 50 of its nuclear reactors because of the safety tests. Japan will restart two reactor units this month. Due to these actions, total LNG purchase in May was 16.8 percent higher than last year.

Neil Beveridge, an analyst for Sanford C. Bernstein & Co., said: “Spot cargoes will start to moderate in the second half as Japan re-starts some of its nuclear facilities,” reports Bloomberg.

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LNG World News Staff, July 05, 2012; Image: TEPCO