• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 3 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 7 hours California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 11 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 12 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days An Indian Opinion on What is Going on in China
  • 2 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 17 hours Nord Stream - US/German consultations
  • 2 days Can Technology Keep Coal Plants Alive and Well?
  • 3 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 3 days Succession Planning in Human Resources for Vaccinated Individuals in the Oil & Gas Industry
  • 5 days Perfect Energy Storm in Europe: turning our back on fossil fuels is easier said than done!
  • 2 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 2 days Storage of gas cylinders
Gazprom Hikes Export Prices As EU Gas Crisis Deepens

Gazprom Hikes Export Prices As EU Gas Crisis Deepens

Ironically, for a gas-starved Europe,…

The EU Is Panicking Over Skyrocketing Energy Prices

The EU Is Panicking Over Skyrocketing Energy Prices

As Europe’s benchmark gas prices…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

LNG Prices Soar To Six-Year High

Spot prices for liquefied natural gas (LNG) delivery in Asia jumped to a six-year high this week as lower-than-normal temperatures in key LNG importers and continued growth in China’s industrial activity boost demand.

Spot LNG prices for January delivery have jumped to over $12 per million British thermal units (mmBtu) as a cold snap in parts of the major LNG importers Japan, China, and South Korea raises demand for electricity and heating.

Moreover, China’s industrial output continued to grow in November, also boosting demand for power. 

The prices of LNG in Asia have recovered from less than $2/mmBtu in the spring when the winter heating season had already ended, and the pandemic created a massive oversupply of LNG globally as lockdowns heavily depressed demand for natural gas.  

Last week, spot LNG prices in Asia were estimated at $11.10/ mmBtu, while this week, the price added another $1/mmBtu to the highest level since 2014 and a six-fold surge compared to April lows.

Recent unplanned supply issues at major exporters, including Qatar, Australia, and Norway, are also driving LNG prices higher.

The high LNG prices, however, are forcing some of the more-price-sensitive buyers of spot cargoes to sway away from tenders because of the too high prices.

While LNG prices are on a tear, oil prices were headed to a seventh straight week of gains on Friday, buoyed by vaccine development and the vaccine rollout in major economies, including the United States.

The U.S. Food and Drug Administration’s advisory committee recommended the use of Moderna’s vaccine on Thursday, the FDA said, adding that it would “rapidly work toward finalization and issuance of an emergency use authorization.”

Pfizer is seeking a fast-track approval of its vaccine in Japan.

At 10:08 a.m. ET on Friday, WTI Crude was up 0.58 percent at $48.64 and Brent Crude prices were up 0.37 percent at $51.73.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News