The arbitrage for shipping US LNG cargoes to Northeast Asia has fallen to –$0.2/MMBtu, the lowest level since February 2025 — even though Atlantic freight rates have declined by more than $70,000 per day over the past month, a move that would typically bolster Asia-bound LNG shipping. The narrowing arbitrage for US LNG freight moving to Asia has largely been caused by a tighter JKM-TTF price spread, analysts at Spark Commodities pointed out.
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