LNG imports dip 17% in June as prices soar, local output rises

Import of liquefied natural gas (LNG) dropped 17% in June over the last year as prices soared and local gas production expanded.

LNG prices in the spot market have risen as high as $14 per metric million British thermal units (mmBtu), curbing demand and prompting many consumers to switch back to cheaper fuel oil.

The spot prices had dropped to a record low of $2 per mmBtu last year but have been above $10 for the past few months.