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Japan LNG spot cargoes average price in Feb up 1.2% to $8.5/MMBtu

The average price Japanese LNG buyers paid for spot cargoes contracted in February came in at $8.5/MMBtu, up 1.2% from January, data released by the Ministry of Economy, Trade and Industry showed Thursday.

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The ministry gathers data from LNG buyers in Japan to calculate a simple average, but it does not disclose delivery dates.

Platts JKM spot price averaged $6.863/MMBtu in February, reflecting spot deals concluded for cargoes for March and April deliveries. The JKM gradually fell in February because of lack of demand and emerging supply.

The ministry also said the February-delivered LNG spot price was $8.8/MMBtu in February, surging 20.5% from $7.3/MMBtu in January.

The JKM for February-delivery cargoes averaged at $9.488/MMBtu.

The February JKM started the assessment period at $9.2/MMBtu on December 16 and extended gains further before coming down to end the assessment period at $9.45/MMBtu on January 13.

--Eriko Amaha, eriko.amaha@spglobal.com

--Edited by Arnab Banerjee, arnab.banerjee@spglobal.com