Declining spot LNG prices have increased the interest from price-sensitive South Asia buyers such as India, Bangladesh and Thailand. The trend is expected to continue in coming months according to S&P Global although prices are still high compared to historical levels.

• Platts assessed the JKM for March was down over 19% from the start of Feb to 15.212$/mmbtu on 15 Feb according to S&P Global data. The Platts JKM LNG price averaged about 33.98$/mmbtu in 2022 and 18.59$/mmbtu in 2021. Weaker prices have been driven by mild weather and low demand, healthy storage levels and the potential return of Freeport LNG in US.
• India buyers are looking for LNG spot prices in the $10-$15/MMBtu range according to an S&P Global source.
• Thailand's PTT has already secured at least 6 cargoes in tenders recently and is looking for three more for April delivery. Earlier this month Bangladesh's Petrobangla was looking to buy 10 to 12 cargoes of LNG from the spot market until June.

Source: Bloomberg