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Natural gas in Asia is heading toward its lowest price in a decade, with the JKM marker assessed at $4.11/MMBtu versus $9.88 a year earlier. CNOOC bought an LNG cargo for early September delivery at about $3.90/MMBtu.
The slump is attributed to a flood of new supply from Australia and the US alongside mild North Asian weather.
Cheap spot LNG weakens the case for oil-linked long-term contracts and pressures energy majors' gas earnings, with limited direct effect on feed grain prices.
worldoil.comStephen StapczynskiJul 31, 2019Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
