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Spark’s data lead, Qasim Afghan, told LNG Prime on Friday that Spark30S (Atlantic) LNG freight rates rose to new year-to-date highs, increasing by $6,750 – the highest Atlantic rate since August 2024.
Similarly, Spark25S (Pacific) rates rose by $3,250 to $44,500 per day, reaching its YTD high this week and marking the highest Pacific rates since October 2024, according to Afghan.
“Momentum in the LNG spot market continues to build as we move into early December loadings. Despite reports of a few lost cargoes out of the US Gulf, the additional prompt length has had little impact on forward laycans, keeping Atlantic rates elevated,” Fearnley LNG said in its weekly LNG report.
The Oslo-based advisory and brokering firm said that with most prompt requirements now covered, market attention has shifted towards speculative territory i.e. how many FOB sales will take market tonnage, how much optimisation will ultimately play out, and whether fresh firm demand will surface to extend the current rally.
“For now, owners and charterers are watching closely to see whether the current freight imbalance remains,” it said.
“East of Suez, the firming trend continues but trails the Atlantic in pace. Named positions remain limited, while open requirements are equally scarce, leaving the Pacific market thinly balanced with sentiment steady, albeit cautious,” Fearnley LNG said.
European prices
In Europe, the SparkNWE DES LNG rose compared to last week.
“The SparkNWE DES LNG front-month price for December is assessed at $10.129/MMBtu this week, whilst the basis to the TTF is assessed at -$0.54/MMBtu,” Afghan said.
He said the “US front-month arb (via the Cape) remains marginally closed this week and pointing to Europe instead of Asia, with the latest price assessment at -$0.006/MMBtu.”
“The US front-month arb via Panama has remained open, pricing in at $0.182/MMBtu,” Afghan said.
Data by Gas Infrastructure Europe (GIE) shows that volumes in gas storages in the EU rose from last week and were 82.97 percent full on November 5, 2025.
Gas storages were 82.79 percent full on October 29, 2025, and 94.74 percent full on November 5, 2024.
JKM
In Asia, JKM, the price for LNG cargoes delivered to Northeast Asia in December 2025 settled at $11.155/MMBtu on Thursday.
Last week, JKM for December settled at 11/MMBtu on Friday, October 31.
Front-month JKM rose to 11.150/MMBtu on Monday and to 11.190/MMBtu on Tuesday. It dropped to 11.160/MMBtu on Wednesday.
State-run Japan Organization for Metals and Energy Security (Jogmec) said in a report earlier this week that JKM for last week “was almost unchanged at low-$11s/MMBtu on October 31 from low$11s/MMBtu the previous weekend.”
“JKM fell for three consecutive trading days from the previous week, falling below $11/MMBtu on October 28, as demand remained sluggish amid ample supply. It later rebounded due to falling temperatures and China’s winter procurement, but the recovery was limited, and the price remained soft in low-$11/MMBtu range,” Jogmec said.