Japan’s JOGMEC publishes spot LNG price for first time this year

State-run Japan Organization for Metals and Energy Security (JOGMEC) has published the first contract-based monthly spot LNG price since December 2022.

JOGMEC did not publish both the contract-based and the arrival-based monthly spot LNG prices in the January-July period as there were less than two companies that imported spot LNG.

Also, JOGMEC excludes LNG cargoes if spot LNG prices are linked to other indices, such as Henry Hub or JKM.

The contract-based price in December 2022 was $30.8/MMBtu.

“The average price of spot LNG cargoes for delivery to Japan contracted in August 2023 and scheduled to be delivered from the month onward (contract-based price) was $11.6/MMBtu,” JOGMEC said.

The firm did not publish the arrival-based price or the average price of spot LNG cargoes that were delivered in Japan within the month of August regardless of the month when the contract was made, it said.

Australian strike, Japan’s LNG inventories

JOGMEC said in a separate report that the Northeast Asian assessed spot LNG price JKM for the previous week (September 4 – 8) fell from the “high US$13s of the previous week to the high US$12s on September 7 amid market participants’ expectation that supply risks from Australia would ease in the future and that inventory levels would remain comfortable.”

“The following day, September 8, JKM rose to the low US$13s due to the start of strikes at Wheatstone and Gorgon in Australia,” it said.

Japan’s METI announced on September 6 that Japan’s LNG inventories for power generation totaled 1.73 million tonnes as of September 3, up 0.28 million tonnes from the previous week.

The country’s Ministry of Finance has not yet published its data for LNG imports in August.

Japan’s monthly LNG) imports continued to decline in July, dropping by 17.4 percent year-on-year in July to about 5.09 million tonnes.

LNG imports dropped by 13.3 percent year-on-year in January-June to 32.62 million tonnes.

- Advertisements -

Most Popular

Stena Bulk sells its last LNG carrier

Swedish shipping firm Stena Bulk has sold its last liquefied natural gas (LNG) carrier to an undisclosed Asian buyer. The...

Shell launches largest bio-LNG plant in Germany

A unit of LNG giant Shell has launched what it says is the largest bio-LNG production plant in Germany. The...

Oman LNG, Turkey’s Botas seal 10-year SPA

State-owned producer Oman LNG has signed a 10-year sales and purchase agreement with Turkey’s state-owned natural gas and LNG...

More News Like This

Spot LNG shipping rates remain steady, European prices jump

Spot charter rates for the global liquefied natural gas (LNG) carrier fleet remained almost flat this week, while European...

Japan’s LNG imports continue to drop

Japan’s liquefied natural gas (LNG) imports dropped for the third month in a row in March, according to the...

Spot LNG shipping rates continue to drop, European prices climb

Spot charter rates for the global liquefied natural gas (LNG) carrier fleet continued to decrease this week, while European...

Japan’s JOGMEC publishes spot LNG price for first time in 2024

State-run Japan Organization for Metals and Energy Security (JOGMEC) has published the first contract-based monthly spot LNG price since...