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Asian spot LNG prices dip

Oct 06

Asian spot LNG prices dip

Asian spot liquefied natural gas (LNG) prices eased slightly over the past week as healthy supplies going into the northern hemisphere's autumn season countered upward pressure from a bullish oil market.

Spot prices for November delivery dipped by 10 cents to $11 per million British thermal units, industry sources said. That slip came despite an extremely bullish crude oil market which has seen benchmark Brent futures surge by 20 percent since mid-August ahead of US sanctions against Iran's petroleum sector that kick in from November 4. While a major oil exporter, Iran sells no LNG, and traders said Asian gas markets were well supplied.

Japan's Inpex said this week it shipped its first condensate export cargo from the Ichthys LNG project in Australia. Royal Dutch Shell, which has the world's biggest LNG portfolio, this week announced it would go ahead with the 14 million tonnes per annum LNG Canada project.

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