Liquified Natural Gas (LNG) delivery prices for the next 4-8 weeks is currently at $15.25 per million British Thermal Units (mBTU) down from $15.40 mBTU, last week.
According to Bloomberg News, a survey across a number of global LNG dealers forecasts a drop this week in LNG prices. Historically, Asian buyers reduce purchases with cooler temperatures in September and October.
There are still large inventories of LNG in North Asia carrying over from the past few months, which could lead to an even larger drop in price come September.
Nigeria LNG Ltd closed a tender with Malaysia’s Petroliam Nasional Bhd. for one of the two cargoes for September.
Other tenders that are open currently are from Trinling Ltd. and Point Fortin LNG Exports Ltd from Trinidad and Tobago, who have two cargoes of their own they are looking to offload in September.