SINGAPORE, April 5 (Reuters) - Asian spot liquefied
natural gas (LNG) was unchanged this week, keeping at a six-week
high over $9 per million British thermal units (mmBtu) for a
third consecutive week, as demand from buyers continued shoring
up prices.
The average LNG price for May delivery into northeast Asia
held at $9.50/mmBtu, the same as the previous week,
which was its highest level since February 9, industry sources
estimated.
Demand was sustained due to colder-than-normal weather
driving some gas demand in northeast Asia, said Ryhana Rasidi,
gas and LNG analyst at data and analytics firm Kpler.
She added that Chinese players are likely waiting for
further price declines to encourage more LNG buying and that the
recent earthquake in Taiwan has had little impact on prices as
no nuclear infrastructure was affected.
A spokesperson from Taiwan's state-owned energy company CPC
told Reuters that its two LNG import terminals had not been
affected by the earthquake and are operating normally, while
imports remain on schedule.
In India and South Korea, high terminal stocks have been
capping interest from buyers, but lower inventories in Japan
have underpinned some demand, said Samuel Good, head of LNG
pricing at commodity pricing agency Argus.
In Europe, S&P Global Commodity Insights assessed its daily
North West Europe LNG Marker (NWM) price benchmark for cargoes
delivered in May on an ex-ship (DES) basis at $8.14/mmBtu on
April 4, a $0.20/mmBtu discount to the May gas price at the
Dutch TTF hub.
Argus assessed the May delivery price at $8.10/mmBtu, while
Spark Commodities assessed the April delivery price at
$8.047/mmBtu.
"European gas prices have been under pressure as the
temperatures are rising and we have reached the end of the
winter season," said Hans Van Cleef, chief energy economist at
PZ - Energy.
"With inventories well filled, and healthy LNG flows towards
Europe expected, prices of the active month contracts have
dropped."
However, the emergence of Egypt's natural gas company EGAS
for LNG deliveries to Jordan, and expectations that the
country's demand could reach some 20 cargoes, has raised the
prospects of competition for European buyers for summer cargoes
to be loaded from Atlantic terminals, added Good from Argus.
Meanwhile, on spot LNG freight, both the Atlantic and
Pacific rates both fell for a second consecutive week, said
Spark Commodities analyst Qasim Afghan.
The Atlantic spot rate fell to $44,750/day on Friday, while
the Pacific spot rate eased to $47,000/day.