Shifts in the weather patterns and a supply overstock have steadied spot prices of Asian liquefied natural gas (LNG) for December delivery.

According to Reuters News, prices of LNG for December delivery remained flat at $17 to $17.50mn British thermal units (mmBtu).

"Asia appears to remain well supplied for the time being with milder weather persisting. Rates for deliveries in December remain in the mid-$17 range," analysts from ICAP analysts wrote the wires bureau.

Japan and South Korea, Asia's top LNG buyers, have momentarily suspended their purchase of the commodity after meeting their respective winter consumption quotas. Market traders, however, said the two countries have showed interest in cargoes for early 2012.

A recent cargo for January delivery was sold at $18 per mmBtu, LNG analysts from Waterborne said.

The LNG Tangguh project in Indonesia have also offered five to six cargoes for November and December loadings, creating further impacts in prices, Waterborne added.

Although still far from being a major world commodity, LNG is progressing as an essential component for world gas expansion, moreso that most countries presently become more aware of the effects of global warming and more concerned about the status of the world's environment.

Despite a number of uncertainties and constraints that might hinder growth prospects, the LNG trade is expected to soar by about 7 per cent annually by 2020, boosting its share of world gas trade to some 38 per cent around that period.

Spot prices soared $7 per mmBtu since the March nuclear crisis in Japan when the world's top buyer began to hoard LNG imports to counterbalance lost nuclear capacity.

Despite Japan's increased demand, however, some buyers avoided spot purchases of LNG in recent months because of higher prices, causing spot prices to depress as consumers maximised long-term contract volumes.

Industry players surveyed by Reuters earlier indicated spot LNG prices will fall further from current levels in 2012 as slowing economic growth slows demand and new buyers India and China sensitive to high prices.