Japan’s spot LNG prices skyrocket in January

Japanese spot LNG cargo prices surged in January due to a cold snap in Asia which triggered an unprecedented rise in prices but also ship chartering rates.

The average contract price for spot LNG cargoes shipped to Japan in January reached $18.5/mmBtu, data released by the Ministry of Economy, Trade and Industry reveals.

This marked the highest-ever contracted price since METI started releasing these monthly spot LNG reports in March 2014.

In addition, the January price more than doubled compared to $8.6/mmBtu recorded in December that also marked a yearly record following lows in the March-May period due to Covid effects.

Moreover, the arrival-based spot price also surged to $15.5/mmBtu, the third-highest ever recorded. Only April and May in 2014 were higher, METI’s data shows.

Compared to $6.80/mmBtu recorded in December, the aririval based price more than doubled.

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.

- Advertisements -
spot_img

Most Popular

Brazil’s GNA gets approval to launch first LNG power plant

Brazilian joint venture Gas Natural Acu has commissioned the first plant as part of its LNG-to-power project in the...

Canada’s FortisBC shrinks expansion plans for Tilbury LNG

Canadian utility FortisBC is scaling back expansion plans for its Tilbury LNG facility in British Columbia. The second expansion phase...

Stena adds LNG power barge to its portfolio

A unit of Sweden’s Stena said it has expanded its jetty-less LNG offering with an integrated power barge (IPB). The...

More News Like This

Japan’s spot LNG price climbs in May

Japanese spot LNG price rose in May when compared to the month before, according to state-run Japan Oil, Gas...

Japan’s METI to stop publishing spot LNG price data

Japan's Ministry of Economy, Trade and Industry said on Friday it would stop publishing its monthly data on spot...

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...

Japan’s spot LNG prices remained high in February

Japanese spot LNG prices remained at high levels in February following record numbers logged in January due to a...