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Japan December spot LNG contract price hits near 3 year high - METI

Gasoil News - Published on Wed, 17 Jan 2018

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Reuters reported that prices for liquefied natural gas (LNG) spot cargoes for Japan, the world's top buyer, rose to their highest in nearly three years in December, in line with firm spot prices in the region.

Preliminary data from the Ministry of Economy, Trade and Industry said that the average contract price for spot liquefied natural gas (LNG) cargoes for shipment to Japan last month was USD 10.20 per million British thermal units (mmBtu), up USD 1.20 from the previous month.

That marked the highest since January 2015. The average price of spot LNG cargoes that arrived in Japan last month was USD 8.10 per mmBtu. The prices were in line with strong Asian spot prices, which stood above three-year highs of USD 11.20 per mmBtu by late December as cold temperatures across Japan and continued strong demand from Chinese importers buoyed the market.

METI surveys spot LNG cargoes bought by Japanese utilities and other importers, but excludes cargo-by-cargo deals linked to benchmarks such as the US natural gas Henry Hub index. It only publishes a price if there is a minimum of two eligible cargoes reported by buyers.

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Posted By : Rabi Wangkhem on Wed, 17 Jan 2018
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