The rally in Asian natural gas prices has finally lost momentum as temperatures have warmed and supplies are creeping up across the region.

Spot prices fell below $10.00/MMBtu on Monday as the February contract gave way to March delivery. The decline followed a rapid climb from late November through last week when Japan Korea Marker (JKM) spot prices shot above $30 and hit an all-time high. Early last year, spot prices were below $3.00. 

Epic cold had drained liquefied natural gas (LNG) inventories, while supply outages across the world and heightened demand in Asia made it more difficult to secure vessels for delivery. The supply crunch has eased now that traders have more time to get cargoes to the region later in February and March. Some firms are already reportedly offering...