High liquefied natural gas (LNG) spot prices have again pushed India, Pakistan, and Bangladesh out of the market. 

As Russia’s war in Ukraine continues, and the Kremlin has limited exports, European countries have rushed to replace Russian pipeline gas with LNG imports, creating a competitive and expensive global spot market that’s made some small and large buyers alike hesitant to buy cargoes on short notice. 

Asian spot prices continue to rise, hovering around $40/MMBtu, as a recent heatwave in Japan reportedly forced utilities to buy prompt cargoes. Meanwhile, Russia’s announcement to take full control of the Sakhalin-2 LNG project, Nord Stream 1 maintenance issues, and the threat of a prolonged strike in Norway have all contributed to a strong market as both Asia and...