Asian LNG Prices Surge Past $30 as Middle East Shipping Risks Escalate
Liquefied natural gas on the Asian spot market rose above $30 per million British thermal units for the first time since December 2022, OilPrice.com reports, citing Bloomberg. The jump followed reports of an attack on an LNG carrier off Yemen, where the crew returned warning shots.
LNG has traded above $25 for about a month as Asia and Europe race to secure winter supply. Qatari exports have been disrupted since the war involving the U.S., Israel and Iran began, although one Qatar-to-Poland cargo is crossing the Red Sea.
European gas storage is 74% full this week versus a five-year seasonal average near 89%. Higher prices could push poorer Asian buyers toward coal, an option Europe largely gave up.
Key points
- Asian LNG > $30/mmBtu, highest since Dec. 2022
- EU storage 74% vs ~89% seasonal average
Summary written by Readthrough from the original article. The full story, with photos and any updates, is at OilPrice.com.
