Asian LNG prices hit two month high
Reuters is reporting that Asian spot LNG prices have risen for the second straight week. They have now reached their highest point in over two months.
The primary causes of this activity have been sighted as the effects of stable demand ahead of winter and the impact of certain producers curbing supply due to maintenance or disruption at plants.
Spot prices for October LNG-AS delivery in Asia have risen to US$11.40 per million Btu (a 30 cent increase), and prices for November deliveries are currently expected to be in the even higher US$12.15 per million Btu range.
Current LNG plant outages include Australia’s Wheatstone LNG plant (planned maintenance) and Sakhalin Energy’s Sakhalin-2 production line located in Russia (disruption leading to halting of output – activities expected to be resumed in the coming days).
New buyer demand is also playing a role in influencing spot prices in the region.
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