European natural gas and LNG prices skyrocket by 47 percent on geopolitical and energy security concerns
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.
LNG prices surge 50 percent in a week as cargo liftings fall and futures prices signal doubts over Western policies
Worldwide liquefied natural gas and wholesale pipeline market prices and futures skyrocketed by nearly 50 percent in the past week as US Gulf Coast LNG cargo values hit $18 per million British thermal units for December even amid current substantial European Union gas storage levels as doubts resurface about Western energy security policies.
Asian spot LNG prices ease with European cargo values but higher March 2022 futures give market signal
Asian spot liquefied natural gas prices eased on the week with only March 2022 rising to underpin current value levels, while European benchmarks were slightly lower and cargo liftings from Atlantic and Pacific Basin plants continued to be at a balanced level.
Oil prices drop to two-month low under $40 a barrel as LNG prices and indicators also lose ground
North Sea Brent crude oil prices dropped under $40 per barrel after previously staying in the $41-$45 a barrel range for the previous two months, while spot LNG and natural gas prices declined on demand concerns related to the slowing economic recovery in China and Europe.
