The average LNG spot price paid by Japanese buyers for contracted volumes during June was $13.80/MMBtu, down 6.8% from $14.80/MMBtu in May, Japan's Ministry of Economy, trade and Industry said this week.
In comparison, the Platts Japan Korea Marker averaged $12.139/MMBtu in June. This reflects spot deals concluded in June for delivery in July and August to Japan and South Korea.
The ministry said the average price for LNG cargoes delivered to Japan in June was $15/MMBtu, down almost 8% from $16.30/MMBtu in May.
The Platts JKM for June-delivered cargoes averaged $14.316/MMBtu. Platts assessments between April 16 and May 15 reflect spot cargoes for delivery in June. The June trading month began with JKM at $14.875/MMBtu on April 16, before declining steadily throughout the assessment period to close at $13.625/MMBtu on May 15.
The ministry noted that only spot cargoes, or single cargoes, are taken into account, excluding short-, medium- and long-term contract cargoes, as well as those linked to a particular price index. Delivery conditions are all converted into equivalent DES basis before taking an average of the prices.
