Commodities Buzz: EIA says LNG prices zoom in Europe and Asia

The US Energy Information Administration or EIA has stated in a latest update yesterday that futures prices for liquified natural gas (LNG) delivery to the Title Transfer Facility (TTF), the European benchmark price, increased to $14.80 per million British thermal units (MMBtu) for the week ending April 24, 35% higher than before the closure. In East Asia, the front-month futures price for the benchmark Japan-Korea Marker (JKM), rose 51% over the same period to $16.02/MMBtu. In contrast, natural gas prices at the U.S. benchmark Henry Hub have decreased 9% since February 28 due to limited opportunities for increasing LNG exports in the near term and ample domestic seasonal natural gas storage and supply. The closure of the strait has affected over 10 billion cubic feet per day (Bcf/d) of global LNG supplies, or approximately 20%, mostly from Qatar?s Ras Laffan export facility.

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