Japanese spot LNG prices remained at high levels in February following record numbers logged in January due to a cold snap in Asia.
The average contract price for spot LNG cargoes shipped to Japan in February reached $12.7/mmBtu, data released by the Ministry of Economy, Trade and Industry reveals.
This marked a decline compared to the previous month’s record price of $18.5/mmBtu, but it increased almost four times than $3.40/mmBtu recorded in the same month last year.
Moreover, the arrival-based spot price surged to $16.3/mmBtu, the second-highest ever recorded. Only April in 2014 was higher, while May the same year recorded the same price, METI’s data shows.
Compared to $5.50/mmBtu in February last year, the arrival-based price almost tripled.
To remind, 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.