Ripples Advisory, LNG prices climb to highest since February
Continued demand from China is supporting price
Asian spot liquefied natural gas (LNG) prices rose this week to their highest since February as buying interest from China remained firm and as supply is expected to be limited during maintenance in August. Spot prices for July delivery in Asia were at $9.60 per million British thermal units (Btu) this week, gaining 40 cents from the previous week and are at the highest for this time of the year since 2014.
Higher oil prices had been deterring some buyers from snapping up cargoes in the spot market in recent weeks but some of them may now need to cover their requirements promptly, two trade sources said. “Some traders are caught short in July,” one of the sources, based in Singapore, said.
While some companies are offering cargoes through private negotiations, supply of the super-chilled fuel is expected to be limited in August amid maintenance at Sakhalin Energy's offshore gas platforms in Russia and at the Angola LNG project.
Indian buyers may be reluctant to buy spot cargoes at higher prices and could turn to using coal instead, a source familiar with the market said. Demand from China remained firm with some willing to pay $9.70 to $9.80 per million Btu, a trader said. But details of the buyers' purchase, if any, were not immediately clear.
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