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Prolonged Low LNG Spot Prices Could Weigh on Contract Pricing

LNG

The latest slump in LNG prices could see the market shift in favour of buyers and potentially lead to price reviews of long-term supply deals if there will be a prolonged period of low LNG spot prices, according to S&P Commodity Insights.

  • Asian spot LNG prices have been below $10/mmbtu since end-January and fell below $8/mmbtu at the end of February amid weak demand and mild weather, which caused changes in the short-term market such as preference for spot cargoes over oil-linked term supply and downward quantity tolerances, or DQTs, in delivery programs.
  • If LNG prices stay lower for longer, it is likely that oil-linked term sales and purchase agreements that are subject to price review will be lowered, Daniel Reinbott, partner at law firm Baker Botts, said.
  • Platts assessed the April JKM at $8.553/MMBtu on 12 March.
    • JKM Apr 24 up 1.3% at 8.31$/mmbtu
    • JKM-TTF Apr 24 up 0$/mmbtu at 0.22$/mmbtu
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