Japan demand to push Asia LNG prices up
Due to nuclear shutdowns, Japan started buying cargoes from South America for the first time
Asian liquefied natural gas (LNG) prices climbed this week, spurred by Japan, which started buying cargoes from South America for the first time, indicating tightness in the market. Trader said Japanese nuclear shutdowns are likely to push Asian spot LNG prices above $13/million British thermal units (Btu) ahead of summer, with Japan’s nuclear fleet utilisation slipping to a three-year low and pointing toward more LNG imports to meet electricity demand. “Some quotes are already $13/million Btu, but this level is closer to the sellers’ price. Probably the next physical cargo deals will be done above the $13/million Btu level,” an LNG trader said. “Sellers are quite bullish, because unaffected
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