If there's so much LNG around, why are spot prices up in the $8 to near $10 per million Btu range, within shouting distance of oil-indexed term gas and LNG prices? And why isn't surplus supply making its way to the US "market of last resort," where imports remain at little more than 1 billion cubic feet per day (650,000 tons per month)? One explanation heard increasingly from analysts is that, regardless of whether the Gas Exporting Countries Forum is merely a chat group or something more, some LNG and pipeline gas exporters are holding supply off the market (WGI Oct.20,p1). An unexpectedly strong demand rebound also gets some analysts' votes.
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