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LNG prices rise in Asia, on fear of shortage in the coming winter

17 Aug 2022 , 02:44 PM

Asian gas prices reached their highest level in five months as a result of a worldwide rush to obtain liquefied natural gas cargoes for the upcoming winter. Tuesday saw a surge in the benchmark spot LNG price for Asia, approaching $60 per million BTUs, the highest level since early March when Russia's invasion of Ukraine upended the energy markets.
The decision by Russia to reduce gas imports to Europe is driving up the cost of heating fuel and electricity globally. In order to acquire LNG spot cargoes for delivery during the peak winter consumption season, utilities in Asia and Europe are stepping up their efforts, which is causing scarcity and driving up costs.

According to traders with insider information, some Japanese utilities are now shopping for additional LNG supplies that will start arriving in December. The largest fuel consumer in the world, Korea Gas Corp., is also looking to acquire additional winter supplies, according to dealers.
The amount of accessible LNG is being limited in the meanwhile by supply delays from Australia to the US. Traders said that during S&P Global's market closure procedure on Tuesday, a number of businesses, including Uniper SE and Marubeni Corp., were submitting bids for LNG shipments to Asia.

According to S&P Global, the Japan-Korea Marker increased to $57.728 per million British thermal units on Tuesday, more than double its previous high. In the sweltering summer heat on Tuesday, European gas prices just avoided reaching a record high.

Related Tags

  • Asia
  • economy
  • fuel
  • Global
  • India
  • markets
  • news
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