Europe Outbids Asia for Scarce LNG Supplies Amid Price Surge

Liquefied natural gas prices have surged by 150% since February as demand picks up seasonally and Asian importers sour on the fuel.

European buyers are stepping up purchases despite the price, with imports set to increase this month to 7.98 million tons and rise further to 10.53 million tons in October.

The surge in prices is due to a shortfall in LNG supply resulting from Qatar's force majeure, which was estimated at 12.8 million tons annually by the country's energy minister earlier this year.

European countries have no choice but to import as much LNG as they can, despite the price, as Norway gas imports are already at their peak and Russian pipeline gas is out due to sanctions.