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Asian spot LNG prices slip

Reuters
SINGAPORE
Asian spot prices for liquefied natural gas (LNG) slipped this week tracking a fall in European gas prices though traders anticipate prices to bottom out soon ahead of peak winter demand.
Spot prices for September delivery to Northeast Asia LNG-AS are estimated to be about $4.60 per million British thermal units (mmBtu), down 10 cents from last week, trade sources said.
Prices for cargoes delivered in August are estimated to be $4.20 per mmBtu, down 20 cents from last week, they added.
Traders are likely waiting for the European gas prices to come down before taking a position on LNG, a Singapore-based industry source said.
“The LNG market is quiet but the gas market is not and many LNG buyers are just waiting on the sidelines for the gas market to cool down before they come in to buy,” the source added.
Both the Dutch month-ahead and British month-ahead contracts have fallen 20 percent in the past week after a two-week long period of rises on expected supply flows due to outages in Norway and short-covering.

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