Japan is likely to hit a 10-year low this year for its LNG import costs with prices expected to average in the low $400s/t. The last time bills were so low was in 2006, adjusted for inflation. Since then costs have more than doubled, with the annual average peaking at close to $900/t in 2012.
Due to the collapse of crude oil benchmark prices, which are indexes for most LNG, the world’s biggest buyers in Northeast Asia will save billions of dollars in LNG bills this year after huge savings last year. Japan, the biggest import market, could see costs drop $10 billion year on year to about $34 billion, down more than 50% compared with the annual payments between 2012 and 2014 when Japan was spending about $70 billion on imports each year.
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