RPT-COLUMN-Asian LNG prices take bigger coronavirus hit than Brent crude: Russell - Reuters:
While the coronavirus-led plunge in crude oil prices has grabbed the bulk of the headlines, the collapse in spot liquefied natural gas (LNG) prices in Asia has been just as dramatic, and just as likely to have lasting consequences.
Spot LNG prices for delivery to North Asia LNG-AS slipped to $1.95 per million British thermal units (mmBtu) in the week ended April 24 - the lowest on record and also the first time they have closed below the $2 mark.
That means a slump of 71.3% since their pre-winter peak of $6.80 per mmBtu in October last year, worse than the 70.1% fall in Brent crude oil futures from their Jan. 8 peak this year - $71.75 a barrel - to the April 24 close of $21.44.
While the coronavirus-led plunge in crude oil prices has grabbed the bulk of the headlines, the collapse in spot liquefied natural gas (LNG) prices in Asia has been just as dramatic, and just as likely to have lasting consequences.
Spot LNG prices for delivery to North Asia LNG-AS slipped to $1.95 per million British thermal units (mmBtu) in the week ended April 24 - the lowest on record and also the first time they have closed below the $2 mark.
That means a slump of 71.3% since their pre-winter peak of $6.80 per mmBtu in October last year, worse than the 70.1% fall in Brent crude oil futures from their Jan. 8 peak this year - $71.75 a barrel - to the April 24 close of $21.44.
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