Asian spot prices rise on oil surge

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    RIO DE JANEIRO/SINGAPORE – Asian spot prices for liquefied natural gas (LNG) rose this week, driven by a surge in oil prices and a potentially colder start to winter and higher heating demand.

    The average LNG price for January delivery into northeast Asia was estimated at around $7.40 per million British thermal units (mmBtu), up $1.00 from the previous week, industry sources said.

    Brent oil futures, which the majority of Asian LNG contracts are priced against, rose 6 percent this week to the highest since March as traders were optimistic about oil demand recovering due to developments with various coronavirus vaccines.