Spot liquefied natural gas prices for Northeast Asia fell this week after reaching the highest this year in May, World Gas Intelligence reported.
Prices for cargoes delivered in the next four to eight weeks declined 20 cents to $18.20 a million British thermal units, according to WGI’s own assessment of the market made on June 1 and published today.
Rising supply after maintenance at LNG production plants and the completion of recent procurement programs by Asian utilities damped prices from $18.40 a million Btu last week, the highest this year, according to WGI.
Demand for the chilled fuel in Japan, the world’s biggest LNG user, rose to a record after the earthquake and tsunami last year led to the closure of all the country’s nuclear power stations, boosting other fuels for power generation.
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