Asian spot LNG prices rose for a fourth consecutive week, with December delivery into northeast Asia estimated at $32.50 per mmBtu, up from $30.50 the previous week. Geopolitical tensions, buying interest and winter demand expectations supported prices.
The average price for December delivery into northeast Asia reached an estimated $32.50 per million British thermal units in the week through October 30, the highest since mid-December 2022. Attacks by Yemen’s Iran-aligned Houthis on Saudi energy and transport infrastructure increased supply uncertainty, while spot tenders drew buying interest from importers in Vietnam and India.
Kpler analyst Go Katayama said subdued demand in northeast Asia and recovering Qatari LNG loadings limited further gains, but expected prices to remain bullish next week amid geopolitical tensions and winter procurement needs. Colder weather forecasts in Asia and Europe added to expectations of winter demand and competition for cargoes.
Northwest Europe LNG benchmarks were assessed at $31.910 per mmBtu for November delivery by S&P Global Commodity Insights, $31.749 by Spark Commodities, and $31.54 for December by Argus. Atlantic LNG freight rates rose to $28,000 a day and Pacific rates to $44,500 a day, Spark analyst Qasim Afghan said.
