Asian Spot LNG Hits Record on Cold Winter Supply Crunch
- Japan-Korea Marker rose to highest since at least 2009
- Record marks turnaround from all-time low prices in April
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North Asia’s liquefied natural gas benchmark rallied to a record high as demand from cold winter weather outstripped available supplies in the market.
Gas consumption has risen as freezing weather across the region boosted the need for home heating in Japan, China and South Korea, the world’s top importers. Meanwhile, numerous production issues at export facilities and delays traversing the Panama Canal curbed supplies.