Global LNG: Asian prices reverse declining trend on Japanese demand

SINGAPORE (Reuters) – Liquefied natural gas (LNG) hit the headlines, but unsold cargoes capped gains, traders said.

North American thermal units (mmBtu), up to 10 cents from a million British thermal units (mmBtu), up to 10 cents from a month ago.

Japanese power utility Kansai Electric Power Co (9503.TJapan's Tohoku Electric Power Co Inc9506.TDec. 25 to Dec. 30, traders said.

Kansai could have purchased at least one cargo at $ 10 to $ 10.30 per mmBtu, while Tohoku may have received $ 10.60 to $ 10.70 per mmBtu, they added.

Japan's Nippon Steel & Metal Sumitomo 9801.T had been sounding out the market about a potential spot for delivery in the second half of December to January, one trader said.

The temperature in Tokyo is expected to dip below average in Beijing in two weeks, from Refinitiv Eikon showed.

Demand from South Asia was also seen with tenders emerging from India and Pakistan.

Essar Steel India seeks an LNG cargo on a delivered ex-ship (DES) basis for delivery in Dahej over Dec. 28-29 on LNG trading marketplace Global Exchange LNG (GLX) this week but failed to attract sellers.

Pakistan State Oil returns to the spot market after several months.

Still, high freight rates for LNG tankers are $ 200,000 a day, exceeding the $ peak of $ 180,000 a day.

There have been several unsecured cargoes in the spot market, said traders.

Australia's Ichthys LNG cargoes, Refinitiv Eikon shiptracking data showed.

LNG tanker Gaslog Skagen loaded from the Ichthys LNG plant on Oct. 28 and discharged the cargo into the Guangxi LNG terminal in China on Nov. 7, the data showed.

The Marvel Tanker is loaded with LNG from the plant on Nov. 3 and is due to arrive in Yeosu, South Korea on Nov. 16, according to the data.