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Global Energy Crunch is Making Gas Too Pricey for Asia

  • Asian LNG prices are up nearly 70% this week on supply crunch
  • The region’s buyers are rethinking LNG procurement plans
Updated on

A breakneck rally in Asian natural gas spot prices is forcing some importers to halt plans to buy additional shipments of the power plant fuel.

North Asia spot liquefied natural gas prices are surging toward $40 per million British thermal units, the highest in over three months, on fears of a global supply squeeze, according to traders with knowledge of the matter. The benchmark is up nearly 70% so far this week and is at a seasonal high.