SINGAPORE (ICIS) Spot LNG prices in Asia and gas prices in Europe remain high on tight supply. The ICIS TTF September ’22 contract price reached $61.02/MMBtu on 2 August, the second highest on record after 8 March.
LONDON (ICIS) Russia stepped up its curtailment of gas flows to Europe this week, in a move designed to be the dominating factor in the market. The impact was palpable as the ICIS TTF front-month gas price, the global benchmark, rose by 30% over the last seven days, with little indication of a significant fall back as long as current market conditions persist.
The spread between the European TTF and the East Asia Index (EAX) further narrowed in the past two weeks, as Asian demand rose, especially in south Asia and Japan. The market saw a flurry of Asian tenders for summer deliveries, narrowing the price spread.