Asian spot LNG prices reached a seven month low in January, dropping below $10/MMBtu, bringing cost-sensitive buyers like Bangladesh, India, Pakistan and Thailand back to the spot market.

High gas storage levels in Europe have pushed prices there lower and prompted liquefied natural gas sellers to turn their attention to Asia. 

Asia-Pacific “demand will continue to rise in 2024, supported by LNG spot price moderation and economic growth in the region,” according to a recent forecast by Fitch Ratings.

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Vietnam and the Philippines joined the LNG import market for the first time last year. New regasification...