LNG

Prices plunged for North Asian spot LNG cargoes and for the European benchmarks by up to 34 percent on the week as the winter season market entered the second half with still seasonally very high prices amid positive and adverse economic issues still on the horizon.

Increasing and new liquefied natural gas production from US and Australian liquefaction and export plants met lukewarm Asia-Pacific demand growth and with no other viable outlet spot LNG shipments were sold at a discount into European terminals, something that is forecast to be repeated this year.