GLOBAL-LNG-Asian spot prices fall on coronavirus outbreak in India
Asian spot prices for liquefied natural gas (LNG) fell this week after India, the world’s fourth largest importer, cancelled cargoes as the coronavirus outbreak hit demand.
The average LNG price for July delivery into Northeast Asia LNG-AS was estimated at about $9.60 per million British thermal units (mmBtu), down $0.65 from the previous week, industry sources said.
Buyers rejecting cargoes offered for more than $10 per mmBtu and an extension of Taiwan’s soft lockdown also helped to drag prices down, traders said.
India’s city gas distribution company GSPC has asked suppliers to cancel cargoes for June delivery, industry sources say. Buyers have been selective as inventories are full and LNG demand for transport, commercial and industrial sectors fell amid rising coronavirus infection rates here.