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

Cheniere to start site preparation for two more Corpus Christi LNG trains

US LNG exporting giant Cheniere is seeking approval from the US FERC to start site preparation activities for two more midscale trains at its Corpus Christi LNG plant in Texas.

Woodside names Sarah Bairstow as Louisiana LNG head

Australian LNG player Woodside has appointed Sarah Bairstow to lead its Louisiana LNG project.

Amigo LNG, Sahara seal 20-year SPA

Amigo LNG, a unit of LNG Alliance, has signed a 20-year sales and purchase agreement with Sahara Group to supply the latter with liquefied natural gas from its planned 7.8 mtpa LNG export plant in Mexico.

More News Like This

LNG shipping rates continue to decrease

Spot LNG freight shipping rates in both basins continued to decrease this week, while European prices increased compared to last week.

LNG shipping rates continue to drop

Spot LNG freight shipping rates in both basins and European prices continued to decrease this week.

Atlantic LNG shipping rates, European prices continue to drop

Atlantic LNG freight shipping rates and European prices continued to decrease this week.

Flex LNG’s CEO Kalleklev resigns

Øystein Kalleklev has resigned as Flex LNG's chief executive officer. The LNG shipping company has appointed its chief commercial officer, Marius Foss, as interim CEO.