A breakneck rally in Asian natural gas spot prices is forcing some importers to halt plans to buy additional shipments of the power plant fuel.
Some Asian buyers are now unwilling or unable to procure LNG at current spot rates, instead choosing to wait for prices to come down before refilling inventories, according to traders. That risks leaving buyers short in the event of extreme weather or other major disruptions. Moscow tightened its squeeze on crucial pipeline gas flows to Europe this week, forcing nations to confront the prospect of no more Russian gas, while traders were stunned as a key US LNG export plant announced it will be shut for months after a fire. Traders fear that Europe will replace the lost supply with spot LNG shipments, leaving less fuel for Asia.
China, the world’s top importer of LNG in 2021, has cut back spot purchases this year after virus restrictions eased usage. While demand is seen recovering by winter, China’s LNG importers don’t want to buy spot shipments at current prices, since they would make a loss when the fuel is sold into the much cheaper domestic gas market, traders said.
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