Spot LNG

Heat Wave Stokes Asian Prices as Buyers Compete With Europe

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Northeast Asian spot LNG prices soared $11 to $37 per million Btu, according to World Gas Intelligence assessments for deliveries four to eight weeks ahead. That was their highest since early March, when spot prices reached $55/MMBtu. Spot prices in Southwest Europe were assessed $2.70 higher at $37.20/MMBtu. The UK National Balancing Point day-ahead price was assessed $2.81 lower at $17.28/MMBtu — although Dutch TTF prices rose roughly $4 over the week to around $40/MMBtu — while the July front-month ICE contract dropped $3.52 to $21.08/MMBtu. Netbacks for Mideast sellers in Asia were about 25¢/MMBtu lower than in Southwest Europe, while UK/Belgian netbacks were around $19.70/MMBtu lower than in Asia.

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