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The spot price of liquefied natural gas (LNG) remains low due to abundant supply and diminishing winter demand in major importing regions. Despite a slight uptick to $9.6 per million British thermal units (mmBtu) in the week ending Feb., it is just above the seven-month low of $9.5. Uncharacteristically, spot LNG prices have not followed the usual seasonal pattern of rising during winter and summer, but declining in shoulder periods.
Asia experienced a record-high LNG import of 26.5 million metric tonnes in December, surpassing the previous high in January 2021. January imports were 26.2 million tonnes, up 11.8% from the same month a year earlier. China, now the world's largest LNG buyer, drove the winter imports, with December and January arrivals increasing by 12.1% and 28.2%, respectively. India also posted significant gains, with January reaching the highest level since October 2020.
However, Europe's LNG imports in January were 11.2 million tonnes, down 8.2% from January 2022. December arrivals were 12% weaker than the same month the previous year, but the data indicates the fourth- and sixth-highest volumes since 2009. Europe's LNG imports surged after Russia's 2022 invasion of Ukraine, as Western European countries sought to reduce dependence on Russian energy.
The low spot prices are attributed to robust LNG supply, particularly from top exporters such as the United States and Australia. In December, the U.S. set a record with LNG exports reaching 8.6 million tonnes, securing its position as the world's leading LNG shipper for 2023. Although January exports slightly decreased to 8.1 million tonnes, it remained the second-highest on record, up 19.7% from January 2023. Australia's December exports also hit a record high at 7.2 million tonnes.
Qatar, the third-largest LNG exporter globally, achieved record shipments of 7.6 million tonnes in January, surpassing the previous high from January 2018. With LNG demand expected to decrease as the northern winter concludes, spot prices are likely to face challenges in rallying, especially if major producers maintain export volumes.
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