Asia LNG prices hit 2022 peak

Natural gas prices in Asian markets have risen to their highest level since December 2022, reaching $30.4 per million British thermal units, due to increased naval attacks and disruptions to supply lines in the Middle East—particularly with the unrest in the Strait of Hormuz and Qatar's exports being held hostage—leading to heightened demand in the spot market. The crisis has worsened as European gas inventories have fallen to 75% of their seasonal average. Flows from the U.S. to Europe are at 21 billion cubic feet per day, while futures contracts for Japan and Korea have increased by 2%, amidst rising shipping profits in the Pacific and Atlantic basins. The market continues to monitor shipping routes and the impact of rising fuel prices on the global economy.

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