Asian LNG prices surge due to Europe's increased demand for heating amid cold weather.

North Asia's liquefied natural gas (LNG) prices hit a high this year due to increased European demand for heating and power. The Japan-Korea benchmark reached $15.3 per million British thermal units, up from early December 2023, driven by unusually cold European weather. This has led to higher demand for seaborne LNG, with some traders diverting supplies from Asia. Asian buyers, especially in India and China, are reducing spot LNG purchases due to high costs and are turning to alternative fuels.

November 22, 2024
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