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LNG producers get glimmer of hope amid wreckage of oversupply, coronavirus
7/25/2020 12:00:00 AM

There are some tentative signs that demand and spot prices for liquefied natural gas (LNG) are starting to recover in the top-consuming Asian region, but the vagaries of the way the market for the super-chilled fuel works means producers may not see much immediate benefit.

The spot price for cargoes for delivery to northeast Asia LNG-AS climbed to $2.40 per million British thermal units (mmBtu) in the week to July 17, putting it 30% above the record low of $1.85 in the week to May 29.
While that percentage rise may seem impressive, it’s worth noting that the spot price remains at historically depressed levels, and is about half the price that prevailed at this time last year.
While traders report plentiful cargoes are available, it appears that July may see an uptick in imports in the northeast Asian region, which includes the world’s three biggest LNG buyers, Japan, China and South Korea.
The region is on track to import 15.25 million tonnes of the super-chilled fuel in July, according to Refinitiv vessel-tracking and port data, which was filtered to include only ships that have already discharged, are discharging or awaiting discharge, or expected to arrive and unload their cargoes before the end of the month.
This would be up from 14.43 million tonnes in June and would be the strongest month since March.
Source: Hellenic Shipping
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