LNG spot prices in Asia have risen by 16 percent as a result of Russia’s gas supply restrictions, according to Platts.

SINGAPORE/LONDON, April 27 – After Russia curtailed gas supplies to Poland and Bulgaria, Asia liquefied natural gas (LNG) spot prices jumped 16 percent to $26.20 per million British thermal units (mmBtu), according to price agency S&P Global Platts.

On Tuesday, the Platts Japan-Korea-Marker (JKM), a frequently used spot benchmark in the area, stood at $22.599 per mmBtu.

Russia’s Gazprom (GAZP.MM) cut off gas supplies to Poland and Bulgaria on Wednesday due to their failure to pay in roubles, intensifying an economic battle with Europe in reaction to Western sanctions imposed in response to Moscow’s invasion of Ukraine.

Fears that more nations could be affected, particularly Germany, Europe’s industrial powerhouse that relied on Russia for more than half of its gas imports in 2021, drove gas prices skyrocketing and heightened concerns about the war’s global economic consequences.

Analysts predicted that Poland will increase LNG imports from across Europe, raising prices.

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In previous trade, the European benchmark, the Dutch TTF gas price for May, climbed to roughly $36.60/mmBtu.

ears that more nations could be affected, particularly Germany, Europe’s industrial powerhouse that relied on Russia for more than half of its gas imports in 2021, drove gas prices skyrocketing and heightened concerns about the war’s global economic consequences.

Analysts predicted that Poland will increase LNG imports from across Europe, raising prices.

In previous trade, the European benchmark, the Dutch TTF gas price for May, climbed to roughly $36.60/mmBtu.
For a long time, European gas prices have been higher than Asian spot LNG prices in order to entice more LNG cargoes to the region.

The average LNG price for June delivery into north-east Asia, according to Reuters estimates, was $25.40 per mmBtu last week.