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Spot prices cross $ 9/mmbtu-I: Severe winter and supply disruptions to blame
Dec 29: Spot LNG prices in Asia-Pacific increased from USD4.2/mmbtu in May 2016 to USD8.0 in December 2016 and as much as USD9.2 for February delivery.
8As a result, LNG import by India in November declined to 1.5 mmt, 5% below monthly import in 1HFY17.
8The price rise has been fostered by a sudden rise in LNG demand due to a severe winter: Japan, the largest consumer of LNG, imported 7.54mmt of LNG in November 2016, up 12.7% YoY due to the severe winter.China has also been battling a severe winter, importing 2.66 mmt of LNG in November (+47% YoY). Imports by China in December could be even higher at 3.33mmt.
8Prices also went up in the midst of supply outages.
8Chevron’s Gorgon LNG Train 1 has remained shut intermittently after it started in March 2016. The Gorgon Train 2 was also shut temporarily in early December.
8Since resumption of exports in June 2016, Chevron’s 5.2 mmtpa Angola LNG terminal has also been battling a series of unplanned outages.
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