LNG

Philippine power generators are burning less coal in the first time in 20 years as Asian spot LNG prices are down 13% year-to-date on tepid demand which makes natural gas a more competitive fuel. The benchmark Asian spot LNG price for September delivery dropped $2.70 to $12.30 per MMBtu on lacklustre demand and high stockpiles.

Woodside Energy, the Australian liquefied natural gas producer, said it has a taken stakes in nine exploration blocks in the Santos Basin off southeastern Brazil.