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Global LNG Competition Intensifies on New Russia Supply Cut

  • Asian LNG prices heading to highest level since war started
  • South Korea and Japan are ratcheting up efforts to buy LNG
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Global LNG Competition Intensifies on Russia Supply Cut
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Russia’s latest move to cut natural gas supply to Europe is intensifying global competition for seaborne shipments of the fuel, threatening higher prices and shortages from Asia to South America.

Utilities in South Korea and Japan are accelerating plans to purchase more liquefied natural gas cargoes for winter out of fear that Europe will also hoard supply, according to traders with knowledge of the matter. Even some price-sensitive buyers in countries such as India and Thailand are looking to procure cargoes and avoid a shortage, traders said.