LONDON : Asian spot liquefied natural gas prices dropped this week as large Chinese sell tenders signalled that supplies are well-stocked amid continued tepid Asian demand.
China National Offshore Oil Company, or CNOOC, is also closing a tender today to sell liquefied natural gas cargoes for May through November deliveries, traders said. "Large sell tenders from Sinopec and CNOOC are further bearish signals for the LNG market, especially for Asian LNG demand in the summer. Asian buyers will be watching and waiting, to time the start of their summer procurement activity," he added.
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