LNG

European spot natural gas prices followed futures prices lower to marks last seen in June 2021 just before energy security concerns entered the market and at least seven liquefied natural gas cargoes were heading for the UK even as the differentials widened in favour of Asian spot cargo values.

European and Asian natural gas market prices declined and shipping spot charter rates began to gather pace while there were fewer cargoes to lift this week from global export plants.

Energy ministers of the 27-nation European Union failed to reach an agreement at a council meeting in Brussels on imposing a maximum price for natural gas that would have impacted markets including, LNG cargo pricing and pipeline supplies from Norway.