The 59.8% year-on-year tumble in the Japan/Korea Marker index, based on the prices Platts recorded between February 16 and March 13, was blamed on weaker demand due to a mild winter season and slowing economic growth.
“The fall followed the record year-over-year plunge of 61.7% seen the previous trading month,” Platts said.
The slide in crude prices this week only worsens the outlook for the oil price-linked Asian spot LNG market.
Goldman Sachs previously had some of the more dire expectations as it forecasted Asian spot LNG prices to sink to $6.25mmBtu in the September quarter, before rising to $7mmBtu next year – prices which make overly spot market-dependent LNG projects unviable.
