Spot LNG prices remain near three-month low amid ample supply

LONDON, March 23 (Reuters): Asian spot liquefied natural gas (LNG) prices rose slightly last week but remained close to a three-month low amid ample supply and mild weather forecasts.

The average LNG price for May delivery into north-east Asia LNG-AS was at $14.60 per million British thermal units (mmBtu), up from $13.40/mmBtu last week, industry sources estimated.

"It's currently a reactionary market: hard to forecast what will happen next given an environment of new tariffs, sanctions and potential new supply volume becoming operational," said Toby Copson, chairman at Davenport Energy Partners.

In India, a forecast heatwave could spur some LNG demand for cooling despite LNG being too expensive for many Indian importers at present, said Martin Senior, Argus head of LNG pricing.

Asian prices are expected to remain stable next week, supported by steady European gas movements, mild weather forecasts and ample supply projections.