2024 Apr 27 01:18:17
International Desk: Finally, the price of liquefied LNG gas has decreased in the Asian spot market. This is the first time in more than 2 months that the price of the fuel product has decreased. This information was disclosed in a report by Business Recorder on Friday (April 26) citing Reuters.
According to the report, tension in the Middle East may subside soon. Concerns about LNG supplies have subsided for good reason. Meanwhile, demand in the Asian region is expected to weaken. As a result, the price of fuel has fallen.
Average delivery prices for June LNG in Northeast Asia fell during the discussion period. This week the price per million British thermal units (MMBTU) settled at 10 dollars 20 cents. This information was obtained from industrial sources.
Sources also said that last week it reached the highest level in the last 3 months. Since then the price of the fuel product has decreased.
LNG prices hit a 15-week high in the Asian spot market this month. Fuel prices have increased almost every week since last March.
Industry officials say the market price of LNG has been bullish in recent times. As a result, demand from Asian buyers has decreased.
Analysts at world-renowned financial institution Rystad Energy said in a note to buyers that the ongoing Iran-Israel conflict in the Middle East is expected to ease. Due to which the price of this product has fallen in the Asian spot market.
ShareNews, 27 April 2024
