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Asian spot LNG prices near $26 per mmBtu after US-Iran strikes resume
Prices for Asian buyers rose to $25.908 per mmBtu, a nearly 5% weekly gain, as South Asian utilities sought spot cargoes for October and November.
Asian spot LNG prices for buyers rose to nearly $26 per million British thermal units, hitting $25.908 per mmBtu late Wednesday and marking about a 5% gain on the week, as reported by OilPrice citing Bloomberg’s data from unnamed traders.
The move followed the resumption of strikes between the United States and Iran, after President Donald Trump said the US targeted new equipment that Iran tried to build along the Strait of Hormuz, with an indication that further action was possible.
OilPrice also pointed to earlier disruption risk tied to QatarEnergy, whose state-owned firm extended a force majeure on LNG deliveries into November while transits through the Strait of Hormuz remained blocked.
Buy-side demand in Asia has been concentrated among South Asian buyers, with utilities in South Korea, India, Taiwan, and Bangladesh looking to buy spot cargoes for October and November, while Pakistan rejected a spot LNG offer priced above $27 per mmBtu that BP had submitted to its prompt tender earlier this week.