Desperate Japan buys pricy Nigerian LNG
Widening price gap pulls spot cargoes to Asia from Atlantic basin
The price gap between Atlantic and Pacific basin liquefied natural gas (LNG) has widened and is drawing available spot cargoes to Japan. The country bought a long-haul cargo at a price above $13/million British thermal units (Btu), compared with a high $12/m Btu last week, and the wide price spread between UK gas and Asia spot LNG may allow more cargoes to follow. Japanese utilities, including Chubu Electric Power, Kyushu Electric Power and Kansai Electric Power, bought spot cargoes at around $13/m Btu from countries including Nigeria and Indonesia. “The spread between UK NBP and Asia spot LNG is nearly $4/million Btu. I saw $2.50 before the quake but I’ve never seen it this wide,” said one
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