TOKYO: Japan’s liquefied natural gas (LNG) import prices averaged $8.84 per million British thermal units (mmBtu) in May, the lowest since $8.28 in September 2009 due to the impact of lower oil prices, Reuters calculations based on finance ministry data showed on Monday.
The majority of LNG imports in Japan, the world’s top buyer, are oil-linked long-term contracts that respond to falling oil prices with a time lag of several months. Asian LNG spot prices for August delivery were $7.30 per mmBtu last week.