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The average price of spot LNG imported into Japan that was contracted in February 2018 eased to $10.60/mn Btu, said the country’s Ministry of Economy Trade and Industry (Meti) March 9.
That is 40 cents below this winter’s monthly average high, for LNG contracted in January 2018 of $11/mn Btu. That followed a steady rise from $10.20/mn Btu in December, $9/mn Btu in November and $8.20/mn Btu in October of last year, all according to Meti.
Reports from the market, so not from Meti, indicate that spot cargoes in northeast Asia were being fixed this week for delivery in April 2018 at around $9.50/mn Btu. PNG LNG’s force majeure declared earlier this week is keeping the spot market seasonally firm.
Meti’s prices are ‘delivered ex ship’ in Japan, or else are converted into such a ‘DES’ equivalent.
Japan’s Meti also reports official average arrivals-based price each month for spot LNG cargoes. The latest March 9 figures show these rose to $10.90/mn Btu for February 2018, from $10.10/mn Btu for January 2018. For comparison with last year, Meti reported comparable prices of $8.80 for February 2017 and $7.30/mn Btu for January 2017 for spot cargoes arriving January 2017.