Japanese spot LNG cargo prices increased to their highest point this year following record lows in the March-May period due to Covid effects.
The average contract price for spot LNG cargoes shipped to Japan in October stood at $6.0/mmBtu, the highest this year, data released by the Ministry of Economy, Trade and Industry reveals.
This compares to $4.50/mmBtu in September but also shows a year-on-year increase looking at $5.50/mmBtu recorded in October 2019.
Furthermore, METI’s data shows the arrival-based spot price stood at $4.90/mmBtu.
This marks a rise from last month’s $3.40/mmBtu but it’s down from $5.40/mmBtu recorded in October last year.
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.