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Asia LNG Prices Rebound on Stronger Demand in March, WGI Says

Jan. 29 (Bloomberg) -- Liquefied natural gas prices in Northeast Asia rebounded as buyers in the region bought more cargoes for March delivery, Energy Intelligence Group said.

LNG to be shipped over the next four to eight weeks rose to $19.30 per million British thermal units in the week ended Jan. 27, up from $18.70, the New York-based research company said on the website of its World Gas Intelligence publication. Southwest Europe prices slid to $15.55 from $15.75.

Japanese utilities agreed to pay average rates of about $19 for as many as three March cargoes, according to WGI. Five buyers from Japan and China are looking to buy more spot gas, it said.

Angola LNG is “expected to load its first cargo of 2014” this week, the research company said. The plant in Soyo is testing facilities as part of its preparation for full-scale LNG production, a company spokesman said Jan. 28.

Prices in North Asia are forecast to rise this week, according to three of four traders surveyed by Bloomberg News through Jan. 24. Asian LNG importers typically purchase spot cargoes from December to March to meet peak heating and power demand.

To contact the reporter on this story: Chou Hui Hong in Singapore at chong43@bloomberg.net

To contact the editor responsible for this story: Pratish Narayanan at pnarayanan9@bloomberg.net

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