Asian traders are bemoaning prices still in the 14 or even 15 per million Btu range for spot LNG cargoes delivered in April— despite what they insist is lower purchasing in the face of high inventories. Much like their US counterparts, Japanese and Korean traders talk of a price "bubble" and contend that market fundamentals don't justify a 40%-50% spike from levels of below 10/MMBtu seen last year at this time. Other than European prices of around 12/MMBtu, there's no reason for the currem strength in spot prices, one Japanese trader contends.
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