Asian LNG hits $20.20 as Hormuz exports stop
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- ING Groep (NYSE:ING) noted that liquefied natural gas exports through the Strait of Hormuz completely halted over three days.
- The Japan-Korea Marker price increased 60% annually, while spot prices in Asia hit $20.20 per million British thermal units.
- The financial institution warned that the market remains highly exposed to supply constraints as the winter heating season approaches.
ING Groep (NYSE:ING) reported that Strait of Hormuz liquefied natural gas exports halted, driving regional prices up 25%.
The Japan-Korea Marker price has increased by 60% annually despite Qatar boosting production of the chilled fuel.
"The post-MoU rebound in vessel traffic made one thing clear: LNG flows lagged the recovery," said ING analyst Warren Patterson.
Spot prices for liquefied natural gas in Asia reached $20.20 per million British thermal units on July 16.
ING expects winter market shortages, and following the announcement, ING's share price was down at $32.33.
London Stock Exchange Group data tracked four tankers entering the region since Friday without any gas carriers.
These specific vessels were identified as three oil product carriers and one crude carrier navigating the restricted route.
