Asian LNG spot prices hit all-time seasonal high: Al Attiyah Foundation
The Peninsula
Doha: Asian spot prices for liquefied natural gas (LNG) rose last week to their highest seasonal level on record, as European buyers competed with the East for limited world supply.
The average LNG price for October delivery into Northeast Asia was estimated at about $20.10 per million British thermal units (mmBtu), up $0.20 from the previous week, industry sources said. Prices for November delivery were stretching further towards $21/mmBtu, traders said. The cost of super-chilled fuel, used for power generation, rose ten-fold since the $2/mmBtu seen last year, when the COVID-19 pandemic reduced demand. Traders in Europe have been trying to recompose stocks ahead of the winter season, when heating consumption rises. European inventories have been under 70 percent capacity, below the 85 percent 5-year average, as the continent suffers from lower Russian imports. US natural gas futures climbed to a seven-year high earlier last week, while futures in Europe also hit all-time record. In addition, US gas futures have surged more than 25 percent since late August when Ida entered the Gulf of Mexico.More Related News