Asian spot prices for liquefied natural gas (LNG) rose recently as China, Japan and South Korea sought supply in an early move to stock up for winter, industry sources said.
The average LNG price for June delivery into Northeast Asia was estimated at about $7.60 per million British thermal units (mmBtu), traders said. Cargoes for May delivery were about $7.30 per mmBtu.
"Companies are stocking up earlier for the next winter, after all the supply disruptions from the past months," a London-based trader said.
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A colder than average winter in the northern hemisphere and a ship congestion at the Suez canal, the fastest route between Asia and Europe, have boosted prices since December.
Japan Petroleum Exploration Co Ltd was seeking a cargo for delivery between May 22 and June 13 to the Soma terminal.