Japanese buyers paid an average $6.50/MMBtu for LNG spot cargoes contracted in February, down 8.5% from $7.10/MMBtu in January, the Ministry of Economy, Trade and Industry said Wednesday.
This is a simple average of contract prices transacted in a given month, calculated by the ministry, which gathers data from utilities and other LNG buyers in the country. The delivery months of the cargoes into Japan are not disclosed.
The Platts Japan Korea Marker averaged $5.01/MMBtu in February, reflecting spot deals concluded for March and April delivery cargoes to Japan and South Korea.
METI said the average price of cargoes delivered into Japan in February was $6.90/MMBtu, down 12.7% from $7.90/MMBtu in January.
The average price of Platts JKM for February delivery cargoes stood at $6.717/MMBtu, being assessed from December 16 to January 15.
The JKM steadily declined during the assessment period, starting at $7.20/MMBtu and ending at $5.975/MMBtu as weak demand from end-users and low oil prices had put the market under pressure.
