Spot LNG prices dip as Japan secures supplies

Japanese utilities top up their stocks as cheaper gas prompts switch from oil

Asian spot LNG prices dipped slightly over the week, with Japanese utilities stepping out of the market after stocking up for early summer demand.  But falls in prices are likely to be limited because of the Rasgas train 3 maintenance shutdown next month and Asian peak summer demand in July and August. Spot LNG prices in Asia were around $11.50-12.00/m British thermal units (Btu) over the past week, compared with $12.00-12.50/m Btu in the week before, market participants said.  The level was still higher than around $10/m Btu before the huge eartquake and tsunami struck Japan last month, and long-term prices are also expected to rise because of higher Japanese import volumes from lost nuclea