Asia LNG spot prices jump 16% after Russia cuts gas supplies – Platts – Reuters

A liquefied gas (LNG) tanker is tugged towards a thermal power station in Futtsu, east of Tokyo, Japan November 13, 2017. REUTERS/Issei KatoRegister now free of charge limitless access to Reuters.comRegisterSINGAPORE/ LONDON, April 27 (Reuters) – Asia liquefied natural gas (LNG) area prices jumped 16% on Wednesday to $26.20 per million British thermal units (mmBtu), according to rate company S&P Global Platts, after Russia cut gas supplies to Poland and Bulgaria. read more Platts Japan-Korea-Marker (JKM), which is commonly used as an area benchmark in the region, was at $22.599 per mmBtu on Tuesday.On Wednesay, Russias Gazprom (GAZP.MM) stopped gas materials to Poland and Bulgaria over their failure to pay in roubles, cranking up an economic war with Europe in reaction to Western sanctions enforced for Moscows intrusion of Ukraine.Register now totally free unlimited access to Reuters.comRegisterFears that more countries might be hit, in specific Germany, Europes industrial powerhouse which count on Russia for more than 50% of its gas imports in 2021, sent out gas prices skyrocketing and added to jitters about the global economic impact of the war.Analysts stated they anticipated Poland to ramp up LNG imports from throughout Europe, driving costs higher.The Dutch TTF gas rate for May, the European standard, increased to around $36.60/ mmBtu in earlier trade.European gas prices have actually preserved a premium over Asian area LNG rates for a long time to draw in more LNG freights to the region.Last week, Reuters estimates revealed the average LNG rate for June shipment into north-east Asia at $25.40 per mmBtu.Register now for FREE endless access to Reuters.comRegisterReporting by Florence Tan and Nina Chestney
Editing by Louise Heavens and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

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