Asia's LNG Crisis Deepens as Europe Stockpiles for Winter
The global liquefied natural gas (LNG) market is facing a crisis in Asia as prices surge, making it difficult for countries to secure fuel supplies. According to Kpler, a commodity-market analytics firm, Asia is expected to receive around 20 million tonnes of LNG in September, down from 22 million tonnes in the same month last year and the previous month.
The disruption in the Strait of Hormuz, along with the suspension of Qatar's LNG supplies, has tightened the global market. Kpler estimates that Europe will import about 7.98 million tonnes of LNG in September, while October arrivals could reach 10.53 million tonnes.
Asian spot LNG prices have risen by around 150% since February, reaching about $26 per million British thermal units in mid-September. This price surge has discouraged buyers in several Asian markets, particularly China, India, and Pakistan.