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SINGAPORE- Asian spot liquefied natural gas (LNG) prices spiked to a fresh eight-year seasonal high as demand remained robust globally for power generation needs in summer.
The average LNG price for August delivery into Northeast Asia was estimated at about $14 per metric million British thermal units (mmBtu), up $1.50 from the previous week, trade sources said.
This is the highest that spot prices have climbed for this time of the year since 2013, Reuters data showed.
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Global prices for natural gas are at multi-year highs, with high temperatures driving up demand for power generation in the northern hemisphere for air conditioning and as traders in some regions replenish stocks ahead of winter.
