Japan’s spot LNG price hits 2020 high

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.

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