Japan’s spot LNG prices decline in August

Japanese spot LNG cargo prices dropped again in August after slight increases in the previous two months.

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.

They started to pick up in June and the contract-based price even increased year-on-year in July but declined again in August.

Data released by the Ministry of Economy, Trade and Industry shows that both arrival-based and contracted price declined last month.

The average contract price for spot LNG cargoes shipped to Japan in August stood at $3.40/mmBtu.

This compares to $4.20/mmBtu in July and $5.30/mmBtu recorded in August 2019.

METI’s data shows the arrival-based spot price stood at $2.60/mmBtu, down both from last month’s $4.10/mmBtu and $5.50/mmBtu recorded 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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