Japex seeks no more alternative LNG cargoes for October-March, raises JKM forecast

Japan Petroleum Exploration Co. Ltd. is no longer seeking alternative spot LNG cargoes for the October-March period amid the suspension of term supply from the Middle East, as the company raised its JKM price forecast for the period, Yutaka Nishimura, executive officer in charge of finance and accounting, said Nov. 12.

Japex has already secured two spot LNG cargoes for the April-September period and another LNG cargo for the October-March period.

“There will be no fourth cargo. The three replacement cargoes for Middle Eastern supplies will be the last for this fiscal year,” Nishimura told an earnings press conference in Tokyo.

Japex has raised its JKM price forecast to $25/MMBtu for the October-December quarter and $20/MMBtu for January-March, up from $12/MMBtu earlier for the period, Nishimura added.

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