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Japan’s spot LNG prices continue to rise

By Mirza Duran
Japan’s spot LNG prices continue to rise
For illustration only (Image: NYK LNG)

Japanese spot LNG cargo prices are continuing to show signs of recovery following a record drop in May.

The effects of the Covid-19 coronavirus pandemic have weighed down on Japan’s spot LNG prices pushing them to record lows in the March-May period.

But they started to pick up in June and the contract-based price even increased year-on-year in July, according to data released by the Ministry of Economy, Trade and Industry.

The average contract price for spot LNG cargoes shipped to Japan in July stood at $5.20/mmBtu.

This compares to $3.80/mmBtu in June and $4.70/mmBtu recorded in July 2019.

METI’s data shows the arrival-based spot price stood at $4.10/mmBtu rising from last month’s $3.80/mmBtu but down from $4.70/mmBtu in July 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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