Japanese Spot LNG Prices Spike

The average price of spot LNG imported into Japan that was contracted in January 2018 increased to $11/mn Btu, said the country's Ministry of Economy Trade and Industry (Meti) February 9.

This is the highest level reported by Meti this winter, and up from $10.20/mn Btu in December, $9/mn Btu in November and $8.20/mn Btu in October of last year.

Reports indicate that spot cargoes are continuing to be fixed this month (February 2018) for March delivery at close to $11/mn Btu.

Meti's prices are ‘delivered ex ship’ in Japan, or converted into such a ‘DES’ equivalent.

Japan’s Meti also reports official average arrivals-based price each month for spot LNG cargoes. The latest February 9 figures show these as $10.10/mn Btu for January 2018 and $8.10/mn Btu for December 2017. (On February 9 last year, Meti reported comparable prices of $7.30/mn Btu for January 2017 and $6.80/mn Btu for spot cargoes arriving December 2016.)