Liquefied natural gas (LNG) prices continued to set records in North Asia on Wednesday as buyers scrambled for prompt cargo deliveries amid a supply shortage and cold snap.

Trafigura Group Pte. Ltd. purchased a cargo from PetroChina Co. Ltd. at $21.70/MMBtu for delivery to China early next month. The transaction was above the previous high of $20.20 set in February 2014 and the $20.80 deal reported earlier this week by Bloomberg between Trafigura and Gunvor Group Ltd. for a South Korea cargo. 

Spot market activity had pushed up the February Japan Korea Marker (JKM) futures contract to $15.105 on Tuesday, an astonishing difference to the benchmark at this time last year, when it settled at $5.315 amid a supply glut and warmer weather, according to NGI data. 

“Very cold...