Spot prices for liquefied natural gas (LNG) in Asia fell for a second straight week this week on weak demand from China, record U.S. exports and improved production expectations from Malaysia.

The average LNG price for Delivery to Northeast Asia in December is estimated to be around $6.80- $6.90 / MMBTU, down $0.60- $0.70 from the previous week.

Asian LNG prices have more than tripled since a July low of $2.00 as supply disruptions deepened bullish sentiment in September and October.

Over the past few weeks, shipments of liquefied natural gas cargoes at the Petronas plant in Mintulu have been delayed, but the problems have proved temporary and normalization is expected soon, the sources said.

As a result of the COVID-19 crisis, LNG has been facing disruptions in both supply and demand.

In Australia, Where Chevron has been facing production problems at its Gorgon LNG plant, LNG shortages that could continue to drive prices lower remain in Australia and the United States.

The election of Joe Biden in the US presidential election last weekend raised expectations that shale gas incentives could shrink. An eventual slowdown in the RECOVERY in US production could limit supply and put pressure on prices as demand picks up, traders said.

U.S. natural gas futures edged higher on Friday as exports continued to hit record highs and expectations of cooler weather and increased demand for heating supplies in coming weeks.

Much of America's supply will go to Asian markets.

"Continued congestion in the Panama Canal has led to some U.S. exports going all the way through the Suez Canal and the Cape of Good Hope to northeast Asian markets," said energy analysts.