05:51 AM EDT, 03/19/2024 (MT Newswires) -- Liquefied natural gas prices have dropped by roughly one-third over the last nine months, boosting demand and potentially tightening the market in the near-term, Reuters reported Tuesday, citing executives at the CERAWeek energy conference on Monday.

LNG for April delivery into northeast Asia was at US$8.60 per million British thermal units, its lowest level since April 2021, the report said.

Executives from Chevron, Trafigura and other companies expect the price decline to result in greater demand, with Shell CEO Wael Sawan saying demand is already increasing, Reuters reported.

"It's a pretty trite thing to say, but low prices fix low prices," Reuters quoted Richard Holtum, global head of gas, power and renewables for trading firm Trafigura, as saying.

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