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Asia spot LNG prices hit 5-month high amid stalled Hormuz traffic
The Asia spot LNG benchmark rose to as high as $24.614 per MMBtu on Tuesday, and European natural gas prices also jumped 5% on Monday to above 70 euros per MWh.
Asia spot LNG prices jumped to the highest level since the 2026 winter as buyers bid for cargoes while LNG traffic through the Strait of Hormuz remains stalled, OilPrice reports, citing trader accounts shared with Bloomberg.
The Asia benchmark climbed to as high as $24.614 per million British thermal units, up from $23.388 per MMBtu on Friday, and it marked the highest spot price for LNG deliveries into Asia in five months.
OilPrice also links the rally to QatarEnergy extending a force majeure on its LNG deliveries into November, with transits through Hormuz still blocked.
The price surge continued into this week after the U.S. and Iran exchanged fire for the first time in more than a month, while south Asian buyers including Pakistan and Bangladesh sought spot supply to replace term deliveries from Qatar that cannot leave the Persian Gulf; utilities in South Korea, India, Taiwan, and Bangladesh are looking to buy spot cargoes for October and November, the report adds.