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Asian LNG Market Finding Support from Hotter Weather in India

LNG

JKM spot prices are holding around the $12/MMBtu level as a heat wave in India drives up gas demand, according to Bloomberg.

  • Higher temperatures have boosted India’s gas demand by as much as12% on the year. This has led to a restart of some idled power stations to meet higher electricity use.
  • Bloomberg added that its sources were also monitoring the supply issues in providers such as Brunei, which has not exported a cargo since May 20.
  • Moreover, one of the two vessels waiting outside Brunei LNG began moving away from the facility, Bloomberg said.
  • JKM Jun 24 up 0.9% at 11.98$/mmbtu
  • JKM-TTF Jun 24 down 0.1$/mmbtu at 1.11$/mmbtu
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