Japanese buyers have consistently outbid their neighbors for available new term supply and are reportedly paying 13 per million Btu or more to snap up Atlantic Basin spot cargoes (p6). So it might seem that they have decided gas is worth a hefty price in the age of 80-100 per barrel crude oil. Jumping to that conclusion might be a mistake, however, judging by pointed remarks on the state of LNG markets made by officials from Osaka Gas and Tokyo Gas - Japan's top two gas utilities - at the CWC-sponsored World LNG Summit in Rome this week.
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