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.

- Advertisements -

Most Popular

Aramco to buy stake in EIG’s LNG unit MidOcean Energy

Energy behemoth Saudi Aramco has agreed to buy a minority stake in MidOcean Energy, the LNG unit of US-based...

TotalEnergies CEO: LNG driving growth

TotalEnergies will continue to grow its LNG business as the demand for the fuel rises due to the transition...

Pakistan launches tender for two spot LNG cargoes

State-owned Pakistan LNG has released a tender inviting firms to submit bids for two spot shipments for delivery in...

More News Like This

Spark: spot LNG shipping rates climb to almost $200,000 per day

Spot charter rates for the global liquefied natural gas (LNG) carrier fleet continued to rise this week as the...

Japan’s monthly LNG imports continue to drop

Japan’s monthly liquefied natural gas (LNG) imports continued to decline in August, according to the provisional data released by...

Spark: LNG freight rates continue to rise

Spot charter rates for the global liquefied natural gas (LNG) carrier fleet continued to rise this week as positive...

Japan’s JOGMEC publishes spot LNG price for first time this year

State-run Japan Organization for Metals and Energy Security (JOGMEC) has published the first contract-based monthly spot LNG price since...