Global LNG markets face a severe supply crunch as the Japan-Korea Marker hits $33 per mmBtu, fueled by fierce regional competition and production disruptions at QatarEnergy.
The Japan-Korea Marker topped $31 per mmBtu this month and briefly exceeded $33, versus a little over $9 in January, while QatarEnergy extended force majeure on LNG exports. That tightens global gas supply and supports natural gas prices as Asia and Europe compete for limited cargoes and U.S. exports run at record volumes.
It is the Asian LNG benchmark; it topped $31 per million British thermal units this month and briefly rose above $33, compared with a little over $9 in January.
Asia and Europe are competing for a limited number of LNG cargoes, U.S. exports are at record volumes, and QatarEnergy extended a force majeure on its LNG exports.
Natural gas prices have surged as the Japan-Korea Marker benchmark climbed above $33 per mmBtu, tripling from January levels. The market faces extreme volatility driven by intense competition between Asia and Europe for limited LNG cargoes, compounded by QatarEnergy's extended force majeure on exports.
It is the Asian LNG benchmark; it topped $31 per million British thermal units this month and briefly rose above $33, compared with a little over $9 in January.
Asia and Europe are competing for a limited number of LNG cargoes, U.S. exports are at record volumes, and QatarEnergy extended a force majeure on its LNG exports.