Asian LNG spot price hits $10

China Petrochemical News Network reported on May 14 news from a natural gas processing website that Asian LNG spot prices have risen due to global supply tightening.

According to industry insiders, the average price of liquefied natural gas delivered to Northeast Asia in June is estimated to be about 10.

According to traders, the price for delivery in July is estimated to be about US$10.

According to industry insiders, the export problems of Australia, Peru, Indonesia, Malaysia and Nigeria have caused global supply tensions as the world's largest buyers, Japan and South Korea, maintain strong demand for LNG for summer power generation.

Under record high carbon prices and cold weather, LNG prices in Europe have also been close to their highest level since January.

The company said that affected by this, European electricity prices rose to more than 25 euros per MWh, compared with 3.

Francisco Blanche, a commodity and derivatives strategist at Bank of America, said in a report: "The market is still tight on the basis of weather adjustments, pushing inventory further into deficit.

Two industry insiders said that Australia's Northwest Shelf (NWS) project has asked at least one Japanese buyer to postpone delivery.

　　According to a trader, the Egyptian Gas Company provided a shipment of LNG cargoes from Idku or Damietta from May 22 to 23.

　　According to industry insiders, the price of a batch of cargo sold by Petronas from Brunei LNG to North Asia from July 1st to 7th exceeded US$10 per million British thermal units.

　　Wu Henglei compiled from natural gas processing

　　The original text is as follows:

　　GLOBAL-LNG Asian spot prices hit $10 on global supply disruptions

　　Asian spot prices for LNG rose on the back of tightened supplies around the world.

　　The average LNG price for June delivery into Northeast Asia was estimated at about $10.

　　The price for July delivery was estimated at about $10.

　　Export issues in Australia, Peru, Indonesia, Malaysia and Nigeria have contributed to a tight global supply at a time when Japan and Korea, among the world's largest buyers, are keeping LNG demand strong for summer power generation, industry sources said.

　　LNG prices in Europe have also been trading near their highest level since January, amid record-high carbon prices and cold weather.

　　As a result, European power prices rose to more than 25 euros per megawatts-hour (MW/h), compared to 3.

　　"The market remains tight on a weather adjusted basis, pushing storage inventories further into deficit," BofA's commodity and derivatives strategist Francisco Blanch said in a report.

　　Australia's North West Shelf (NWS) project has asked at least one buyer in Japan to defer deliveries, two industry sources said.

　　Egypt's Gas Co offered an LNG cargo for May 22-23 loading from Idku or Damietta, with bids are due May 17, according to one trader.

　　Petronas sold a cargo from Brunei LNG for delivery between July 1-7 to North Asia above $10 per mmBtu, industry sources said.