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Japan spot LNG price falls to lowest on record amid Wuhan coronavirus outbreak

Christian Fernsby |
Prices for spot liquefied natural gas (LNG) cargoes imported into Japan, the world's biggest buyer of the fuel.

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LNG prices have been hit by a perfect storm of new supply coming on stream in the United States and Australia, a warmer northern hemisphere winter, and the coronavirus outbreak this year that has eviscerated demand for gas and other commodities.

The average contract price for spot LNG cargoes shipped to Japan in February fell to $3.40 per million British thermal units (mmBtu), according to data released by the Ministry of Economy, Trade and Industry (METI) today.

That was the lowest since METI started publishing the data in March 2014 and was down from $5.90/mmBtu in January.

Asian spot LNG prices fell to a record low of $2.70/mmBtu last month as the coronavirus outbreak worsened in China, the fastest growing market for LNG imports.

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