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5 minute read Liquefied natural gas (LNG) storage tanks are seen at the Sinopec Tianjin LNG receiving terminal in Tianjin, China October 22, 2018. REUTERS/Stringer Liquefied natural gas (LNG) and thermal coal prices in Asia have been roaring ahead in recent months amid strong demand, but while welcome news for the commodity producers, the rally is a longer-term boon to their main rival, renewable energy. Spot LNG prices have nearly doubled since the post-winter low of $5.60 per million British thermal units (mmBtu), ending last week at $10.95. The rally has mainly been driven by increased demand, with the volume of the super-chilled fuel being discharged at Asian ports reaching 22.33 million tonnes in May. That was up from April s 20.81 million and well above the 18.96 million from May 2020, according to vessel-tracking data compiled by Refinitiv. ....
China has sent officials to inspect coal inventories and crack down on illicit hoarding at ports, following a surge of physical coal prices and tight supplies in the market ahead of the peak consumption season. ....