Asian spot prices ease

Asian spot LNG prices fell slightly last week, as demand remained muted amid ample supplies.

The average LNG price for November delivery into northeast Asia was at $13 per MMBtu, down from $13.10 per MMBtu in the previous week. December’s delivery price was estimated at $13.30 per MMBtu.

“Asia spot prices have held steady week-on-week (though) decreasing slightly,” confirmed Go Katayama, M.S. , Kpler ’s LNG and natural gas analyst, talking with S&P Global Platts.

“The slight decline was driven by receding geopolitical tensions and ample LNG supply to Asia,” he added.

Oil prices had eased last?Tuesday on news of a possible ceasefire between Israel and Iran-backed Hezbollah, but had risen again by Friday of last week, but had dropped again slightly on?Monday.

On the LNG supply side, Australia’s INPEX Australia operated Ichthys LNG Train 2 restarted last week. It had been offline since August for inspection and repairs.

However, trade sources said that two production trains at PETRONAS ’ Bintulu LNG Complex in east Malaysia were offline, with one source saying that Trains 7 and 8 at the MLNG ‘Tiga’ production facility were the ones?affected.

In Japan, Kansai Electric Power will shut the No 3 reactor at its Mihama nuclear power station after discovering two small holes in a pipeline, and Shikoku Electric Power Co Inc closed the Ikata No 3 nuclear reactor, due to a malfunction in the equipment used to monitor fuel combustion.

Nuclear reactor shutdowns could lead to an increase in LNG demand to fulfill power requirements in Japan, the newswire said.?