Asian spot LNG prices dip amid tepid demand

SINGAPORE, Mar 16 (Reuters): Asian spot liquefied natural gas (LNG) prices slipped last week to a three-month low, as tepid demand in the region persists and Europe continues to attract Atlantic basin cargoes.

The average LNG price for April delivery into northeast Asia was at $13.40 per million British thermal units (mmBtu), industry sources estimated.

The average price for May delivery was estimated at $13.20/mmBtu.

"Japanese demand has been muted, with some Japanese utilities selling cargoes rather than buying," said Martin Senior, Argus head of LNG pricing.

South Korean demand, however, has picked up with buyers purchasing cargoes over the past week to replenish stocks after a late-winter cold spell, said Senior.

While Asian LNG demand remains weak, with March imports expected to end at similar levels to February, Europe's LNG shipments have remained high, with total imports likely to be just shy of 12 million tons by the end of March, said FGE analyst Siamak Adibi.