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Asia LNG climbs on Japan nuclear shut-down

Spot LNG prices increased over the past week in Asia amid suspended nuclear operations

Asia's spot LNG prices increased over the past week, with prices likely to rise further as Chubu Electric Power, Japan’s third largest power producer, rushed to secure supplies after suspending operations at its sole nuclear power plant. Traders said spot LNG prices were between $12.30 and just below $13 per million British thermal unit (Btu) in Asia over the past week, up from around $12/m Btu last week. “Demand is so desperate that (Japanese) power producers have been looking for cargoes for very prompt availability or boosting long-term purchase volumes,” one trader said. According to local media, Chubu may buy as much as 38% more LNG in the year to March 2012 after it shut the Hamaoka

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