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Price Spike Shows Fragility of Northeast Asian LNG Markets: APERC Mar 3, 2021 12:40:pm Summary The perfect storm , caused by a cold snap and other factors, has highlighted the lack of gas storage and other infrastructure constraints in the region. by: Joe Murphy Posted in: Price Spike Shows Fragility of Northeast Asian LNG Markets: APERC The spike in gas prices in Northeast Asia near the end of 2020 and in early 2021 has highlighted the fragility of the region s LNG markets, a report by researchers at the Asia Pacific Energy Research Centre (APERC) states. A number of factors created a perfect storm in the region s gas markets, causing LNG spot prices to soar tenfold in mid-December to a record high of over $30/mn Btu. These factors included a cold snap, limited nuclear output in Japan, record high demand in China, constraints on coal-fired generation in Korea, lower LNG inventories and liquefaction plant outages in Australia and Norway.