The indicative Asian LNG spot price rose to an almost year-long high on Tuesday, as CME’s front-month JKM futures contract gained 1.3% to close at USD 7.70/MMBtu – the prompt contract’s highest closing price since 28 January 2020.
Amid strong winter buying on expectations of a hard northern hemisphere winter, the January-dated contract has gained 23% in the last three weeks, and the February-dated contract is now trading at USD 8/MMBtu – a price not seen in almost two years.
Other energy and carbon commodity price movements were muted across the board on Tuesday. Brent and WTI diverged slightly in the session, while US, UK and continental European gas hubs were all virtually unchanged, as was the European carbon price.
Source: Gas Strategies
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