GLOBAL-LNG-Asian prices fall for third straight week on warmer weather

RIO DE JANEIRO, Feb 5 (Reuters) – Asian spot liquefied natural gas (LNG) prices fell for a third week as a warmer season approaches in the northern hemisphere, reducing the heating demand that sent prices to a historic high last month.

The average LNG price for March delivery into Northeast Asia LNG-AS was estimated at around $7.20 per million British thermal units (mmBtu), traders said. That’s 80 cents lower than the previous week.

Cargos for April delivery were estimated at $6.60 per mmBtu, with Spring in the northern hemisphere approaching after a cold spell and supply disruptions.

That’s about five times lower than the record high of $32.50/mmBtu on Jan. 13.

Temperatures in Tokyo and Shanghai, in two of the world’s top LNG consuming countries, are expected to rise slightly above the historical average over the next two weeks, weather data from Refinitiv Eikon showed.

“The…