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11/1/2019 12:00:00 AM

Asian spot prices for liquefied natural gas (LNG) slumped this week as floating storage cargoes started unloading into an already oversupplied market.

The average LNG price for December delivery into northeast Asia LNG-AS was estimated at $5.90 per million British thermal units (mmBtu), $0.40/mmbtu down from last week.

Vessels floating with cargoes on board waiting for a higher price have started discharging, with most of the volumes expected to be unloaded this month.

Floating cargoes were unloaded this week in Greece, Poland, Spain, the Netherlands, India and Japan.

Some of the longest floaters are heading to terminals for unloading now. The Diamond Gas Sakura that loaded a U.S. cargo back in mid-August signalled Taiwan’s Yongan as its destination this week.

The majority of the still floating cargoes is scheduled to reach various terminals in early November, while at least nine vessels are either not moving or do not have a confirmed destination yet.