LNG spot prices fall on weak demand

SINGAPORE, July 5 (Reuters): Asian spot liquefied natural gas (LNG) eased this week as subdued demand, rising supply and ample inventories weighed on prices.

The average LNG price for August delivery into north-east Asia was $12.70 per million British thermal units (mmBtu), down from $13.10/mmBtu last week, industry sources estimated.

LNG stockpiles held by major Japanese utilities fell to 2.15 million tons as of June 29, industry ministry data showed, as hotter weather drives cooling demand. This is down from 2.27 million tons the previous week but slightly above the five-year average of 2.1 million tons.

In Europe, S&P Global Commodity Insights assessed its daily North West Europe LNG Marker (NWM) price benchmark for cargoes delivered in August on an ex-ship (DES) basis at $11.142/mmBtu on July 3, a $0.435/mmBtu discount to the August gas price at the TTF hub.