Emily Chow of Reuters reports that extreme temperatures across Asia are driving up LNG demand in the region. Chow writes:
Extreme temperatures across Asia are driving up liquefied natural gas (LNG) demand in the region as importers seek cargoes ahead of summer, with imports in South Asia hitting records.This could tighten available supply and further lift Asian spot prices that have already gained a third since April, with heatwaves across South and Southeast Asia boosting air-conditioner use and other cooling demand. Prices are now at a near six-month peak at $12 per million British thermal units (mmBtu) and are expected to remain elevated.This could tighten available supply and further lift Asian spot prices that have already gained a third since April, with heatwaves across South and Southeast Asia boosting air-conditioner use and other cooling demand. Prices are now at a near six-month peak at $12 per million British thermal units (mmBtu) and are expected to remain elevated. […]
South Korean power generation company Korea Midland Power Co (KOMIPO), Thailand state-energy firm PTT, Philippines power producer First Gen (FGEN.PS), and Bangladesh’s state-owned Rupantarita Prakritik Gas Co Ltd (RPGCL) have all also issued tenders seeking LNG for delivery in July.
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