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Asian LNG Price Soars to Record-High on Competition for Fuel

  • Low inventories, coal shortages are squeezing the LNG market
  • European gas prices also broke fresh records on Thursday
   

Photographer: Jason Alden/Bloomberg 

Updated on

Asian liquefied natural gas prices surged to a record-high as global competition for the super-chilled fuel intensified amid low inventories and coal shortages.

The Japan-Korea Marker, North Asia’s benchmark for spot LNG shipments, surged to $34.47 per million British thermal units, the highest on records going back to 2009, according to price reporting agency S&P Global Platts. European gas prices, which Asian rates have closely followed this year, also broke records on Thursday.