Oil Price - Asia Spot LNG Prices Hit 21-Month Low

April 13, 2023 – Oil Price

Asia Spot LNG Prices Hit 21-Month Low

By Tsvetana Paraskova

So far in April, more than 75% of the U.S. LNG cargoes have headed to Europe, according to energy data analysts at RBN Energy.

“Exports to Europe remain at ultra-peak levels,” RBN Energy noted.

Historically, the U.S. exports more LNG to Latin America in the spring as the southern hemisphere prepares for peak winter demand, while Europe and Asia have just seen winter end.

“Last spring and summer, U.S. LNG exports to Latin America did rise somewhat, but to a much lesser extent compared to the prior years as Europe’s demand to refill storage and replace Russian gas surged. This spring is off to a similar start, with exports to Latin America creeping up, at the expense of exports to Asia,” RBN Energy said.

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