Japan’s spot LNG prices continue to rise

Japanese spot LNG cargo prices increased again 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 November stood at $6.8/mmBtu, the highest this year, data released by the Ministry of Economy, Trade and Industry reveals.

This compares to $6.0/mmBtu in October that also marked a yearly record. There is no yearly comparison as METI didn’t provide the data in 2019 due to a lack of spot shipments.

However, the arrival-based spot price of $6.50/mmBtu increased both on month and year-on-year.

Last month’s arrival-based price stood at $4.90/mmBtu while $5.50/mmBtu was recorded in November 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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