Asia liquefied natural gas (LNG) spot prices hit a record high of more than $59 per million British thermal units (mmBtu), tracking a surge in European gas prices on concern over tight supply after Russia’s invasion of Ukraine.
Price agency S&P Global Commodity Insights‘ Japan-Korea-Marker (JKM), which is widely used as a spot benchmark in the region, climbed to $59.672 per mmBtu on Thursday, data showed.
Its previous record was set in October 2021 when it hit $56.326/MMBtu. Prices for spot LNG cargoes delivered in the same period last year were around $6 per mmbtu.
“Global consumers are shunning Russian gas and LNG in response to the continuing war in Ukraine, pushing prices higher as short-term energy security and reliability take precedence over energy transition priorities,” said Rystad Energy senior LNG analyst Kaushal Ramesh.