Japan’s liquefied natural gas imports dropped 8.8% year-on-year in April to a level not seen since May 2020, Kallanish Energy reports.
Data released by the Ministry of Finance on Thursday showed that Japanese buyers imported 5.132 million tonnes (Mt) of LNG last month, while the value of such imports dropped 14.2% y-o-y.
The world’s No. 1 LNG importer declared a state of emergency in a fight against the Covid-19 pandemic. Industrial activity was halted to contain the spread, which led to lower demand and the cancelation of cargoes.
Weak demand fundamentals combined with a supply glut is pushing spot LNG prices to record low levels. Earlier this month, the Asia LNG-AS spot price reached $1.85 per million British thermal units.
This post appeared first on Kallanish Energy News.