Contract LNG prices in the Asia Pacific region are rising, with average tariffs increasing on an annual basis for the second consecutive month.
The average price of Japan’s LNG imports increased to $8.2/MMBtu in April, a dramatic rise of 29% on an annual basis. This is the first month that the average price for the country’s LNG has been above $8/MMBtu since December 2015, when it was around $8.5/MMBtu. Higher oil prices filtering through to oil-indexed LNG supply contracts have pushed up the average price for contracted volumes. Average prices have also risen in South Korea and China. South Korea’s average LNG import price in April was up to roughly $8/MMBtu – a rise of around 20% year on year – while China’s was around $7.1/MMBtu, an increase of 7% on an annual basis. A year-on-year rise in prices in Taiwan was also seen in April.
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