Concerns that the world won’t have enough energy supplies to  go around this winter appeared to deepen on Thursday as natural gas prices again set records and governments continued stepping in to ensure the lights stay on. 

Coal, natural gas and even water for hydropower are in short supply. In North Asia, Japan-Korea Marker (JKM) spot prices were assessed at an all-time high of $34.47/MMBtu, nearly $3.00 above Wednesday’s levels. It was also a healthy gain from the previous record of $32.50 set in January, when brutally cold weather across the Northern Hemisphere caught buyers flat-footed and sent some scrambling to secure supplies. 

As buyers in Asia have moved to avoid the same situation by stockpiling ahead of the heating season that kicks off Friday, JKM has also been...