Asian Freeze Sends Natural Gas Cargo Prices Into the Stratosphere
- Exxon sold cargo for later in January to Kyushu for mid-$30s
- Buyers are scrambling for cargoes because of a cold snap
Photographer: SeongJoon Cho/Bloomberg
This article is for subscribers only.
The rally in liquefied natural gas shows no signs of slowing as a cold snap is forcing Asian utilities to pay prices never seen before.
Freezing temperatures across the Northern Hemisphere, a shortage of the fuel as well as vessels to move it sent spot prices soaring more than 10-fold since April. It was just last spring that the market was on its knees because of an unprecedented glut caused by the pandemic.