Asian spot LNG prices rise on Hormuz tanker attacks
UNG•Asian spot LNG prices rose to an estimated $26.5 per mmBtu for November delivery, from $25.25 a week earlier, as tanker attacks near the Strait of Hormuz raised supply concerns. Europe’s gas storage was 73.12% full, the lowest seasonal level since records began in 2011.
1. Asian prices climb
The average price for November delivery into Northeast Asia was estimated at $26.5 per million British thermal units, up from $25.25 the previous week. Renewed tanker attacks near the Strait of Hormuz, including an attack on an LNG carrier, stoked concerns over potential supply disruptions, while muted buying interest from China and India limited gains.
2. Demand remains muted
Toby Copson of Davenport Energy said Chinese buyers were unlikely to chase spot cargoes unless prices mean-reverted, which he said was currently unlikely. Argus’s Martin Senior said flows through Hormuz had remained strong, while Northeast Asian spot demand was quiet and Indian demand remained muted.
3. European supply concerns
Europe’s gas storage sites were 73.12% full, the lowest for this time of year since records began in 2011. The Institute for Energy Economics and Financial Analysis said the EU may need to reduce winter gas demand by 7% year on year in 2026–27 after its full ban on Russian LNG imports takes effect in January 2027. It estimated that covering the storage shortfall with additional gas imports would cost €3 billion.
