Asia LNG prices rise above $23

LNG prices in Asian markets have risen to exceed $23.38 per million British thermal units, due to ongoing navigational disruptions in the Strait of Hormuz, which have delayed gas flows from a region accounting for one-fifth of global supplies. This increase followed Qatar Energy extending Force Majeure on shipments destined for Europe and Asia through October and November, amid continued cancellations due to navigational difficulties, despite the U.S. military announcing the clearance of international waters. Meanwhile, European gas prices marked their third consecutive week of gains, driven by storage levels dropping to 64% of capacity compared to the seasonal average of 81%, with the profitability of U.S. LNG exports to Europe surpassing that of Asian markets via the Cape of Good Hope.

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