The average price of spot LNG contracted in May fell by 10 cents from the previous month to $4.10 per mmBtu, the monthly data by the Ministry of Economy, Trade and Industry (METI) showed, down from $14.80 two years ago.
The average price of spot cargoes that arrived in Japan in May fell by $1.50 from a month earlier to $4.30 per mmBtu, down from $16.30 two years ago.
The prices compared with the current spot Asian LNG price <LNG-AS> of $4.90. Spot prices fell to as low as $4 in mid-April but have since recovered on short-term supply tightness.
METI surveys spot LNG cargoes bought by Japanese utilities and other importers, but excludes cargo-by-cargo deals linked to benchmarks such as the US natural gas Henry Hub index.
It only publishes a price if there is a minimum of two eligible cargoes reported by buyers.
Prices are converted to delivery on an ex-ship basis.