AlwaysFree: Asian LNG Prices Stabilise, But Winter Demand Remains Firm

Asian LNG prices hit new record highs early last week as European prices hit all-time highs, but prices eased slightly on Friday, traders said. According to them, prices for November delivery into Northeast Asia averaged around $24-25 per MMBtu last week, up at least $3 from the prior week. Meanwhile, for October delivery, prices were up about $1.90-2.90 week-on-week to around $22-23 per MMBtu. Earlier in the week, a spot cargo was bought at about $29 per MMBtu, the highest spot price since the start of the year.

Despite record-high prices, LNG demand for delivery during winter months remained robust. Jordan’s NEPCO and Bangladesh were seeking a cargo each for delivery next month. Thailand’s EGAT has opened a tender, seeking two cargoes for October and early November deliveries. Meanwhile, GAIL (India) is seeking two cargoes for delivery in November and December.

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