Asian spot liquefied natural gas (LNG) prices fell this week on signals of weak economic growth in China while above-average temperatures across China, Japan and South Korea are coming to an end, which would reduce cooling demand.
The average LNG price for October delivery into north-east Asia LNG-AS was at $13.40 per million British thermal units (mmBtu), industry sources estimated, down from $14.00/mmBtu last week
“Poor industrial data from China put red flags on the industrial gas demand for the coming period, signalling weaker economic growth,” said Klaas Dozeman, market analyst at Brainchild Commodity Intelligence
“In addition, the warmest weather seems to come to an end in the coming weeks as temperatures start to sink on seasonal effects. This might decrease the cooling demand over the coming period,” he said
Dozeman said that while geopolitical tensions are still ongoing in gas sensitive markets, the risks did not materialize any disruptions so far
In Japan. Major power utilities reported combined LNG storage levels of 183 million tonnes (Mt) for Sept. 1, down 11.2% week-on-week but 6.4% higher than at the end of August 2023 However, levels are 9.4% lower than the five-year average of 2.02 Mt for the end of August from 2019-23. said Masanori Odaka, senior analyst at Rystad Energy.
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