Caixin
Jan 06, 2022 01:25 PM
ECONOMY

Asian LNG Prices Plunge 30% as Europe Supply Worries Ease

A liquefied natural gas tanker is tugged towards a thermal power station in Futtsu, east of Tokyo, Japan. Photo: Reuters
A liquefied natural gas tanker is tugged towards a thermal power station in Futtsu, east of Tokyo, Japan. Photo: Reuters

(Nikkei Asia) — Asian spot prices for liquefied natural gas have dropped by 30% in a span of a week, with Chinese and Japanese inventory pressures easing after a similar plunge in Europe.

The weekly LNG spot price for the Asia region stood at $33.80 per million BTU on Thursday last week, down from the record $48.30 logged on Dec. 23.

The easing of LNG supply concerns in Europe is a welcome turn for Asian markets like China and Japan, which have growing appetites for natural gas as a cleaner alternative to coal.

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