Asian LNG prices surge to record high this week as winter starts
Asian liquefied natural gas (LNG) prices surged to a record high this week on sustained demand from China amid a power crunch and high gas prices in Europe as the winter season begins.
The average LNG price for November delivery into Northeast Asia was estimated at about $32 per metric million British thermal units (mmBtu), up nearly 20% from the previous week, industry sources said.
Price agency S&P Global Platts said on Thursday that its Japan-Korea-Marker (JKM), which is widely used as a benchmark for spot LNG contracts, rose to $34.47 per mmBtu.
Chinese buyers are seeking more cargoes despite record prices, bidding above market rates as the winter season starts with the country’s gas inventory not full, trade sources said.
