Asian gas prices quadruple year-over-year

The cost of the most expensive Asian futures for the supply of liquefied natural gas in January 2023 rose on August 24 to $71.3 per 1 million BTU (British Thermal Units), or almost $2,560 per 1,000 cubic meters, Report informs citing TASS.

This is evidenced by CME Group data on the JKM Platts index (Japan Korea Marker, reflects the cost of LNG supplies to Japan, South Korea, China and the island of Taiwan).

One of the factors behind the rise in prices is intense competition in the market among developed countries, including Japan and South Korea, which are building up stocks before winter.

The Nikkei newspaper noted that a positive factor in the spot market for Europe was the slowdown in economic growth in China, which led to a reduction in electricity consumption. As a result, the largest LNG importer is reselling its surplus stocks.