CANBERRA: Asian liquefied natural gas (LNG) prices for November delivery sank this week as demand stayed thin, end users in the region already looked well stocked and supply was plentiful.
The price of Asian spot cargoes for November delivery slumped to $6.90 per million British thermal units (mmBtu), compared with the last assessment for October at $7.20 per mmBtu last week.
A run of low demand plaguing Asia’s top LNG importers continued to weigh on prices and contribute to a supply glut made worse by a wave of new LNG export plants in Australia and the United States.
Australia’s latest LNG export plant, Gladstone, is readying to export its inaugural cargo using the Seri Bakti tanker, which is expected to arrive at the facility on September 28, according to shipping data on Reuters Eikon.
