LNG

European liquefied natural gas price benchmarks dropped this week to their lowest since late July 2021 when energy security contagion first entered the market as North Asian spot cargo prices also lost ground but at a slower pace.

European natural gas and LNG prices dropped by another 9.5 percent on the week as gas storage levels were high in Europe and energy demand in North Asia was seen gaining to underpin the Japan-Korea Marker price for spot cargoes.

Demand for liquefied natural gas increased and the number of cargo liftings rose even as the price of Asian spot shipments jumped to over $23 and European values stayed high after a week of records amid very tight supply for the end of the Northern Hemisphere summer season.