LNG prices in Asia fell to a seven-month low – Kommersant

Liquefied natural gas prices in North Asia fall to lowest level in nearly seven months, reports Bloomberg. According to the agency, expectations of milder winter weather and the availability of high gas reserves have reduced the need for gas purchases.

Spot rates fell to around $9.80 per million British thermal units (BTU) yesterday, January 9, the lowest since mid-June 2023, according to traders. The presence of large gas reserves in North Asia, home to the largest LNG buyers, also means there is no immediate need for additional purchases, the agency said. It clarifies that from January 9 to 17, temperatures in China and the Korean Peninsula are forecast to exceed seasonal norms. European gas futures also fell as a spell of cold weather is expected to end by next week, Bloomberg noted.

Gas prices in Europe are falling for the second day in a row and have dropped to their lowest levels since September 2023. Prices, supported by high reserves in underground gas storage facilities and stable supplies of pipeline gas and LNG, dropped to $350 per 1 thousand cubic meters. m. Price dynamics are not reflected even by a slight increase in demand for gas from utilities and power plants against the backdrop of cold weather.

Details – in the material “Kommersant” “Gas prices have completely frozen”.

Laura Keffer