Ichthys LNG plant

Report: Inpex sells Ichthys LNG cargo at record low price

Japan’s Inpex has reportedly sold a liquefied natural gas cargo produced at its Ichthys plant in Australia for a record low price.

Courtesy of Inpex
Ichthys LNG plant
Image courtesy of Inpex

Inpex had offered two cargoes for loading in May and has sold at least one of them at about $1.70 to $1.75 per million British thermal units, Reuters reported on Tuesday citing trading sources.

The Ichthys cargo was sold on a delivered ex-ship basis, the report said without providing any additional information.

LNG prices have been extremely affected by the Covid-19 coronavirus pandemic and the abundant availability of LNG following deferments and cancellations of spot and term cargoes.

JKM, the benchmark price for spot LNG in Northeast Asia, plunged to a historic low of $1.90/MMbtu on Monday, falling 63.5 per cent from the beginning of the year, S&P Global Platts data showed.