Asia LNG Prices Jump to Seven-Week High on Winter Supply Concern
- Cold weather outlook in Europe may boost competition for fuel
- Shell bids for cargoes for January delivery to China
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Asia’s liquefied natural gas spot price rallied to the highest level since early October on concern disruptions to production and the arrival of colder weather in key markets will further tighten supply.
The Japan-Korea Marker, North Asia’s LNG benchmark, jumped 20% in the week to Wednesday to $34.24 per million British thermal units, according to traders citing an assessment from S&P Global. An ongoing outage at a key US export plant and forecasts for frigid weather in Europe are seen boosting global competition for the fuel this winter and potentially curbing shipments to Asia, the traders said.