The average LNG price for September delivery into northeast Asia was estimated at about $3.10 per million British thermal units this week, up 40 cents from the previous week."Market is bullish due to supply issues from Gorgon and also because European and U.S. gas markets are firm," said a Singapore-based LNG trader, referring to the delayed restart of a production line at the Chevron-operated LNG plant in Australia.
The recent rise in spot prices has seen buyers snap up cargoes at prices that are still low compared with previous years, the trader said. Tokyo, Beijing and Shanghai are expected to see warmer-than-usual temperatures next week, according to Refinitiv weather data, potentially boosting demand for electricity as people switch on air conditioners.
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