Japan’s spot LNG prices drop from Jan and Feb but still up year-on-year

Japanese spot LNG prices dropped in March when compared to record numbers logged in January and February due to a cold snap in Asia, but they increased year-on-year.

The average contract-based price for spot LNG cargoes shipped to Japan in March reached $6.60/mmBtu, data released by the Ministry of Economy, Trade and Industry reveals.

This marked a decline compared to the previous month’s price of $12.7/mmBtu or the record $18.5/mmBtu logged in January, but it almost doubled when compared to $3.40/mmBtu recorded in the same month last year.

Moreover, the arrival-based spot price reached $9.30/mmBtu, down from 16.3/mmBtu last month. February price marked the second-highest ever price METI recorded since March 2014.

METI did not provide the arrival-based spot price in March 2020 due to lack of spot shipments but last month’s price was much higher than the $5.50/mmBtu recorded in February 2020 or $3.0/mmBtu logged in April 2020.

To remind, the ministry surveys only spot LNG cargoes purchased by Japanese utilities and other importers. It excludes cargo deals linked to a particular price index such as the US Henry Hub.

Most Popular

Aramco eyes large LNG portfolio

Aramco's long-term ambition is to have a portfolio of 20 million tonnes per annum (mtpa) of LNG capacity, according to Aramco’s CEO, Amin Nasser.

Argentina’s Southern Energy takes FID on second FLNG

Argentina's Southern Energy takes FID on second FLNG

Energy Transfer in advanced talks to sell remaining Lake Charles LNG volumes

Texas-based Energy Transfer is in advanced discussions for the sale of the remaining offtake volumes from its proposed Lake Charles LNG export facility in Louisiana, according to its management.

More News Like This

Japan’s LNG imports drop in June

Japan’s liquefied natural gas (LNG) imports dropped by 2.8 percent in June compared to the same month last year, according to provisional data released by the country’s Ministry of Finance.

Japan boosts LNG imports in May

Japan’s liquefied natural gas (LNG) imports rose in May for the second month in a row, according to the...

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...

Japan’s January LNG imports decline

Japan’s liquefied natural gas (LNG) imports dropped in January compared to the same month last year, according to the...