Japan, which suffered damage to its nuclear and coal-fired power plants in the March 11 earthquake, boosted Atlantic spot purchases of liquefied natural gas to a 33-month high in June to replace lost electricity generation.
The world's biggest buyer of the fuel purchased at least nine spot cargoes from Yemen, Peru, Algeria, Nigeria and Equatorial Guinea in June compared with seven in May, according to data from the Finance Ministry on its website. The number of cargoes is the highest since September 2008, when Japan bought at least 11 cargoes, the data showed.
LNG prices are headed for a three-year high as Asian purchases surge and Libyan supply disruptions boost European fuel imports, with spot prices for the fuel rising by the fourth quarter to $16 per million British thermal unit, according to the median estimate of seven analysts, traders and importers surveyed by Bloomberg News.