Asian spot LNG prices at five-month high on firm demand, geopolitical risks
Asian spot liquefied natural gas (LNG) prices surged to a five-month high, marking the fourth consecutive week of gains. This increase, fueled by robust demand and mirroring European gas market trends, underscores concerns over potential disruptions to Russian gas supply. Strong demand, unexpected outages, and geopolitical tensions continue to buoy prices.
Asian buyers, including China and Thailand, are capitalizing on comparatively lower prices this year, driving record import levels. Hot weather in key Asian markets boosts power demand, further stimulating LNG purchasing.
Meanwhile, in Europe, maintenance outages and apprehensions over Russian pipeline supply tighten discounts to the Asian market. Geopolitical uncertainties, such as potential disruptions to Russian exports, prompt market scrutiny. In the US, LNG production remains steady, while Atlantic freight rates witness a notable uptick, contrasting with a slight decline in Pacific rates.
Related News
Related News
- Woodfibre LNG receives BCEAO order to move floatel to site to house non-local workforce
- QatarEnergy, Exxon seek to remove contractor from Texas gas project
- Veolia, Waga Energy and ENGIE collaborate to develop renewable natural gas industry in France
- Congo Brazzaville becomes an LNG exporting country
- Fulcrum LNG to pair with McDermott, Baker Hughes for Guyana gas project
- EU approves law to hit gas imports with methane emissions limit
- Veolia, Waga Energy and ENGIE collaborate to develop renewable natural gas industry in France
- Hawai'i Gas selects Eurus Energy America, Bana Pacific for hydrogen and renewable natural gas projects
- TotalEnergies increases LNG deliveries to Asia with two new contracts
- Desert Mountain Energy Corp. initiates helium production
Comments