Asian liquefied natural gas (LNG) prices have surged above $30 per million British thermal units (mmBtu), reaching their highest level since December 2022 as escalating attacks on commercial vessels threaten energy supplies from the Middle East.
According to OilPrice.com, spot LNG prices in Asia climbed to $30.40 per mmBtu on Monday, October 19, amid growing concerns over shipping security in the Red Sea and the Strait of Hormuz. The latest increase followed reports that an LNG carrier came under fire near Yemen over the weekend.
The disruption has intensified pressure on global gas markets as Qatar’s LNG exports remain severely affected by the conflict involving the United States, Israel and Iran. Qatar previously accounted for approximately one-fifth of global LNG supplies, making interruptions to its exports a major concern for importing countries.
Meanwhile, demand for natural gas is increasing ahead of the Northern Hemisphere’s winter heating season. Asian and European buyers are competing for limited available cargoes, pushing prices higher and increasing uncertainty over future supplies.
Europe is also facing supply concerns, with gas storage facilities reportedly around 74 to 75 per cent full, below the five-year seasonal average of approximately 89 per cent.
The rising prices threaten to increase electricity costs, industrial expenses and inflationary pressures across energy-importing economies. Countries dependent on imported LNG could face additional financial challenges if disruptions continue into winter.
South Korea has indicated that it may rely more heavily on coal and nuclear power to manage rising electricity demand during the colder months.
Energy traders are closely monitoring developments across the Middle East, as prolonged shipping disruptions could further tighten supplies and sustain elevated LNG prices.
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