Asian spot prices for LNG jumped nearly 50% this week to a record high, based on available data going back to 2009, as logistical issues disrupt supply to the world’s top consuming region.
The average LNG price for February delivery into northeast Asia LNG-AS is estimated to be around $21.45 per MMBtu, up 47% from the previous week ($14.60).
The price is a record high since it started assessing the Japan-Korea-Marker (JKM) in February 2009, which combines deals from some of the world’s biggest consumers and became the reference price for spot deals.
Spot Asian LNG prices led the global energy complex last year, gaining more than 140% on booming demand and outages in key suppliers.
The rally this week - eight months after the JKM fell to an all-time low of $1.82/MMBtu - partially results from strong demand for heating during a colder-than-average winter and a shortage of supply in key producing countries such as Malaysia.