Record on Asian LNG values for 2024

At the highest level, Northern liquefied gas ( ) climbed due to increased competition from Europe for heating and power fuel, according to Bloomberg. The Japanese-Korean index, which is the benchmark for LNG prices in North Asia, increased to around $15.3 per million of British thermal units yesterday (21.11.2024), which is a higher level than early December 2023. This followed a similar rise in the European benchmark. The unusually cold and windy weather in Europe exhausts natural gas reserves and boosts demand for marine transport of liquefied natural gas, with some traders diverting supply away from Asia. Some buyers in Asia, such as those of India and China, limit the LNG markets, because transport is very expensive and alternative fuels are more attractive.