(Bloomberg) -- Some emerging nations in Asia are scooping up spot shipments of liquefied natural gas after a drop in prices.

Thailand’s PTT PCL and India’s Gujarat State Petroleum Corp. bought cargoes this week for delivery in January and February, according to traders with knowledge of the matter. GSPC paid less than $12 per million British thermal units for the January shipment, the traders said, one of the cheapest spot purchases since August.

Developing nations had last year been forced to cut back LNG procurement following a global supply crunch that sent prices soaring to a record. Spot rates have fallen more than 60% from this time last year, allowing price-sensitive buyers such as India to turn to the cleaner fuel rather than alternatives such as coal and oil products. 

Read More: Asian LNG Prices Drop to Two-Month Low as Demand Evaporates

Strong inventories and relatively weak demand across North Asia, home to the biggest LNG importers, on Tuesday helped push spot prices to the lowest since late September, according to traders. Fears of a winter supply crunch have largely evaporated across Asia and Europe.

Still, snow and frigid weather are descending on the northern part of China, which threatens to boost gas demand for heating and drain storage. After snowfall ends, temperatures are expected to plunge over the weekend, hitting a low of -15C, below seasonal averages, according to AccuWeather. 

Other spot market news:

• Trafigura purchased an LNG cargo for Jan. 14-16 delivery to Northeast Asia from Japan’s Jera via the S&P Global Commodity Insights MOC platform

Buy tenders:

Sell tenders:

--With assistance from Dan Murtaugh.

©2023 Bloomberg L.P.