Front-month gas futures fell 4.8 cents, or 1.7%, to $2.729 per million British thermal units.
For the week, the contract was down almost 12% after rising around 5% last week. For the month, however, it was still up about 6% after gaining 1% in January.
The compromise may be the increasing popularity of short-term, flexible contracts, which can vary from a few months to a few years and be priced against different benchmarks.
Record high spot LNG prices due to freezing temperatures in North Asia are forcing emerging economies such as Pakistan to ration gas and seek alternative fuels.
Pakistan LNG, a government subsidiary that procures LNG from the international market, is seeking three cargoes for delivery over March 11 to 12.
“Pakistan will be moving 30 percent more LNG molecules in this January compared to January 2018, at the cheapest ever price of $6.34 [per MMBTU]for a peak winter month,” the spokesperson said in a weekly press statement.
The Petroleum Division said that one cargo that was scheduled for 30th December and was intended to supply for January, 2021, has been moved a few days ago into January.
"This is really difficult to get competitive offers in this situation when prices are too high but we'll continue our efforts," he told Reuters. He expects spot prices to stay high until April or May, he said.
