March 11, 2019 / 8:06 AM / a month ago

UPDATE 1-Japan spot LNG contract price falls to 18 month low in Feb

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By Aaron Sheldrick

TOKYO, March 11 (Reuters) - The average contract price for spot liquefied natural gas (LNG) cargoes shipped to Japan last month fell to the lowest level in 18 months, according to data released by the Ministry of Economy, Trade and Industry (METI).

The average for shipped cargoes in February was $7.50 per million British thermal units (mmBtu), the lowest since September 2017, METI said on Monday.

Spot prices for LNG LNG-AS in Asia have fallen for 11 weeks in a row and are down more than 30 percent since the start of the year, as a milder-than-expected winter and plentiful supplies drove down prices.

The average price of spot LNG cargoes that arrived in Japan last month was $8.30 per mmBtu, the lowest since May last year.

METI surveys spot LNG cargoes bought by Japanese utilities and other importers, but excludes cargo-by-cargo deals linked to benchmarks such as the U.S. natural gas Henry Hub index.

It only publishes a price if there is a minimum of two eligible cargoes reported by buyers.

The following table lists the monthly average prices in mmBtu for contracted and arriving spot LNG cargoes. Prices are converted to delivery on an ex-ship basis.

Year Month Contract price Arrival price 2019 Feb $7.50 $8.30 2019 Jan $8.20 $10.50 2018 Dec $9.20 $10.60 2018 Nov $10.80 $11.50 2018 Oct $10.70 $10.60 2018 Sept $10.60 $10.10 2018 Aug $10.70 $9.80 2018 July $10.00 $10.30 2018 June $9.30 $8.90 2018 May $8.20 $7.90 2018 April $9.10 $8.80 2018 March $8.80 $10.20 2018 Feb $10.60 $10.90 2018 Jan $11.00 $10.10 2017 Dec $10.20 $8.10 2017 Nov $9.00 $7.10 2017 Oct $8.20 $6.10 2017 Sept $6.90 $5.80 2017 Aug $5.80 $5.60 2017 July $5.60 $5.60 2017 June n/a $5.60 2017 May $5.70 $5.70 2017 April $5.70 $5.90 2017 March $6.30 $7.50 2017 Feb $8.50 $8.80 (Reporting by Tokyo Newsroom: +81-3-6441-1320)

Reporting by Aaron Sheldrick; editing by Darren Schuettler

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