SINGAPORE, Aug 29 (Reuters) - Asian spot liquefied

natural gas (LNG) prices slipped this week on muted demand and

ample supply, with the delivery of an LNG cargo from a

sanctioned Russian project adding to supply concerns.

The average LNG price for October delivery into Northeast

Asia was at $11.15 per million British thermal units

(mmBtu), down from $11.40/mmBtu last week, industry sources

estimated.

"LNG market sentiment remained calm with arbitrage for U.S.

cargoes still Europe-bound. Major Northeast Asian buyers have

limited interest in prompt cargoes due to high stocks and a

relatively loosened Pacific balance," said Kesher Sumeet, senior

LNG analyst at Energy Aspects.

"The risk of Russia's Arctic LNG 2 ramping up LNG exports

has significantly increased with the first unloading of a cargo

from the facility in China. A full, sustained ramp-up of the

first two trains at Arctic LNG 2 is a significant downside risk

to JKM prices," Sumeet added, referring to the

Japan-Korea-Marker LNG benchmark price assessment for spot

physical cargoes in Asia.

The Arctic LNG 2 cargo delivery has weighed on Chinese

demand expectations for spot LNG, freeing up spot supply

elsewhere, said Martin Senior, head of LNG pricing at Argus.

Additional supply from new projects is also pressuring

prices, said Siamak Adibi, director for gas and LNG supply

analytics at consultancy FGE.

Besides ramp-ups from Plaquemines in the U.S., new projects

like LNG Canada, Greater Tortue Ahmeyim offshore West Africa and

Congo LNG could add around 0.5 million tons per month in July

and August, while the return of Norway's Hammerfest LNG after

being offline since May represents a recovery of around 400,000

tons per month, he said.

In Europe, S&P Global Commodity Insights assessed its daily

North West Europe LNG Marker price benchmark for cargoes

delivered in October on an ex-ship basis at $10.334/mmBtu on

August 28, a $0.56/mmBtu discount to the October futures price

at the Dutch TTF hub.

Argus assessed the price at $10.345/mmBtu, while Spark

Commodities assessed the September price at $10.264/mmBtu.

"In Europe, LNG demand is still strong year-on-year, but

overall gas consumption is weak. Pipeline flows from Azerbaijan

and Norway have averaged high for August, allowing inventories

to build," said FGE's Adibi, adding that Europe's gas storage is

now close to 77% full.

"However, ongoing Norwegian pipeline maintenance may lend

some support to TTF prices in September. Looking ahead, if no

major or unexpected outages happen, October prices are likely to

remain under pressure once again as European storage levels

continue to rise."

The U.S. arbitrage to Northeast Asia via the Cape of Good

Hope widened for the third consecutive week to continue

incentivising deliveries to Europe, said Spark Commodities

analyst Max Glen-Doepel. The arbitrage via Panama also widened

this week to point to Europe.

In LNG freight, Atlantic rates fell to $34,250/day on

Friday, while Pacific rates declined to $33,500/day, he added.