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Spark’s data lead, Qasim Afghan, told LNG Prime on Friday that global LNG freight rates rose for a second consecutive week, with Spark30S (Atlantic) rates rising $7,750 to $107,500 per day.
This is the first time Atlantic rates have risen above $100,000 since April.
Afghan said Spark25S (Pacific) rates rose $14,750 to $78,750 per day.
“Momentum is now building”
“After weeks of static rates in the West and gradual declines in the East, clear momentum is now building in the spot market,” Fearnley LNG said in its weekly LNG report on Thursday.
“A modest, sustained arbitrage for cargoes from the Atlantic to Asia has put extra pressure on the fleet. There are not many requirements, but even fewer ships to meet them, so upward pressure on rates is supply-driven and will remain sensitive to trade flows and the availability of sublets,” the Oslo-based advisory and brokering firm said.
Furthermore, Fearnley LNG said that “traders and schedulers are kept busy by continuing uncertainty in the Middle East, driven by repeated, contradictory reports of an impending “deal” and a ceasefire in name only.”
“The LNG and LNG shipping markets will be impacted well into 2027. After a brief pause, there has been renewed activity in the multi-month space. Control of tonnage will be key to navigating what could be a strong winter, and we expect greater appetite from charterers to take on tonnage for longer periods,” Fearnley LNG said.
Continued reduced demand for European delivery slots
In Europe, the SparkNWE DES LNG dropped compared to last week.
“The SparkNWE front-month DES LNG price for June delivery is assessed at TTF-$0.180, indicating continued reduced demand for European delivery slots. The outright NWE DES LNG price is now at $15.837/MMBtu, dropping $0.740 week-on-week,” Afghan said.
Moreover, “the US prompt (M+1) arb to Asia via COGH remains open and priced at +$0.244/MMBtu, marking a fourth consecutive week of pointing US prompt cargoes to Asia,” he said.
Afghan added that “the US M+1 arb via Panama remains open and firmly pointing to Asia for a third month running, now priced at +$1.021/MMBtu.”
Data by Gas Infrastructure Europe (GIE) shows that volumes in gas storages in the EU rose from last week.
Gas storages were 39.13 percent full on May 27, 2026. The storages were 36.99 percent full on May 21, 2026, while the storages were 46.60 percent full on May 27, 2025.
JKM
In Asia, JKM, the price for LNG cargoes delivered to Northeast Asia in July 2026 settled at $18.335/MMBtu on Thursday.
Last week, JKM for July settled at 18.810/MMBtu on Friday, May 22.
Front-month JKM dropped to 18.425/MMBtu on Tuesday and 18.235/MMBtu on Wednesday.
