LNG

European natural gas and LNG prices skyrocketed by 47 percent on the week to their highest level since mid-February as geopolitical and energy security tensions gripped the Atlantic Basin and Mediterranean markets while North Asian spot cargo prices rose by just over 5 percent.

European and Asian natural gas market prices declined again with the Dutch Title Transfer Facility (TTF) benchmark falling by over 7 percent on the week to about $14.5 per million British thermal units as more LNG cargoes were pointed at Europe, though the current price was well down on the $53.8 per MMBtu that prevailed exactly a year ago after the Russian invasion of Ukraine caused chaos in already tight global gas markets.