Asian spot LNG price continues to surge

Asian spot LNG price continues to rise and it is now trading above $35/MMBtu, according to S&P Global Platts.

To remind, Platts said last week the JKM for November rose to $34.47/MMBtu on September 30, the highest level for the LNG benchmark for Asian spot LNG since Platts launched it in early 2009.

LNG prices in the region continued to be supported by robust European gas hub prices and winter restocking demand among Asian end-users.

On Tuesday, Asian JKM hit a new all-time record of $34.98/MMBtu, rising 3 percent, but on the Wednesday close, JKM hit a “staggering” $39.67/MMBtu, Flex LNG’s chief Øystein Kalleklev said in a social media post.

He said this equals to $235 per barrel of oil equivalent (boe).

“The price jump, $4.685/MMbtu, is also remarkable (although driven by Europe’s gas crunch). The jump is thus 13.5 percent or $27 boe,” Kalleklev said.

The gas price at the Dutch TTF hub, a European benchmark, also continues to break records. It now trades at the equivalent of $39.45/MMBtu.

On top of this, LNG shipping rates are increasing as well. The daily charter rate for a TFDE vessel that can ship 160,000 cbm to Pacific basin ports increased to $76,000 a day on Tuesday, the highest since February, according to Spark Commodities.

For the same type of LNG carrier moving in the Atlantic Basin, the rate increased to $67,750 a day, the highest since August, Spark said.

Most Popular

Excelerate buys GasLog LNG carrier

US FSRU player Excelerate Energy has purchased a 2007-built steam liquefied natural gas (LNG) carrier from GasLog Partners, a part of Greek LNG shipping firm GasLog, according to brokers.

NextDecade, Bechtel agree $9 billion EPC deals for two Rio Grande LNG trains

US LNG firm NextDecade and compatriot Bechtel have finalized EPC contracts worth $9.09 billion for the construction of the fourth and fifth trains and related infrastructure at the Rio Grande LNG facility in Texas.

Atlantic LNG shipping rates jump to $49,750 per day

Atlantic spot LNG shipping rates rose to $49,750 per day this week, while European prices also jumped compared to the previous week.

More News Like This

Atlantic LNG shipping rates jump to $49,750 per day

Atlantic spot LNG shipping rates rose to $49,750 per day this week, while European prices also jumped compared to the previous week.

Atlantic LNG shipping rates rise to $33,000 per day

Atlantic spot LNG shipping rates rose to $33,000 per day this week, while European prices increased slightly compared to the previous week.

Spot LNG shipping rates remain steady this week

Spot charter rates for the global liquefied natural gas (LNG) carrier fleet remained steady this week, while European prices rose compared to the previous week.

Flex completes refinancing of one LNG carrier

Norwegian owner Flex LNG has completed the $175 million Jolco lease financing for its 173,400-cbm LNG carrier, Flex Courageous.