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Latest Japanese import data indicate LNG import prices – including from key Gulf suppliers – have close to halved in recent months. With Japan restarting one of its nuclear plants, potentially reducing LNG demand, and plentiful Australian supply due to come onstream, prices are set to come under further pressure.
The restart of a first reactor at Japan’s Sendai nuclear plant this week marks a key step in the country’s drawn-out efforts to bring back its nuclear fleet, following the March 2011 tsunami and ensuing nuclear crisis.
The news is bearish for LNG prices, especially given that a flood of new LNG supplies – from Australia and the US in particular – are set to hit world markets over the next couple of years.
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