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Spread between LNG spot prices narrows

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The expansion of the Panama Canal has allowed the passage of larger vessels.   © Kyodo

TOKYO -- Liquefied natural gas prices are falling in Asia due to an increase in supply in Australia, the fading of the "Asian premium" resulting from weak demand in Japan and elsewhere in the region, and a shift in the flow of Middle Eastern and African LNG from Asia to Europe.

In its statistical review released earlier this month, British oil giant BP said the flow of LNG has shifted to the west. Last year, the decline in Asian demand was offset by an increase in imports in the Middle East, North Africa and Europe.

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