Asia spot LNG prices tumble to record low of $2.622/MMbtu-Platts

• The previous record was on Feb. 14, when prices fell to $2.713 per MMBtu, said Ciaran Roe, head of LNG pricing at S&P Global Platts, a unit of S&P Global Inc.
• The company's spot prices are increasingly being used as a benchmark in the industry.

SINGAPORE: Asia spot liqueifed natural gas (LNG) prices tumbled to a record low of $2.622 per million British thermal units (MMbtu) on Monday, a company official from S&P Global Platts told Reuters.

The previous record was on Feb. 14, when prices fell to $2.713 per MMBtu, said Ciaran Roe, head of LNG pricing at S&P Global Platts, a unit of S&P Global Inc

The company's spot prices are increasingly being used as a benchmark in the industry.

"The LNG industry has been buffeted by continual demand disruption this year due to the COVID pandemic," Roe said.

"The latest blow - to India's import demand due to the nation's quarantine, has resulted in sudden and significant availability of cargo at a time when Europe is seeing demand convulsions and North Asia's buyers are facing the rare boon of low prices for their long-term oil-indexed contracts as well as high spot supply," he said.