SINGAPORE/LONDON: New liquefied natural gas (LNG) projects coming online this year and high stocks in Europe and North Asia in early 2024 capping demand are seen curbing spot price growth for the next six months as analysts forecast a “finely balanced” market.
Asian spot prices averaged around $18 per million British thermal units (mmBtu) this year, easing from an all-time high of $70/mmBtu in 2022 when Russia cut gas supplies to Europe as part of its war in Ukraine.
The price surge sparked a later rush by buyers from China to Bangladesh to lock in new term supplies from Qatar and the U.S. as nations prioritised energy security, and spurred coal and renewables use at the expense of gas.
