ICIS

Asia spot prices have fallen this week, with the December ‘22 ICIS East Asia Index (EAX) down more than 20% on 20 October from one week ago.

European governments should be moving more aggressively to secure long-term LNG supplies if they hope to end reliance on Russian natural gas, experts in London said recently.  Plans to phase out fossil fuels and significantly curb emissions in the years ahead could still weaken the continent’s energy security, panelists said at Energy Trading Week in…

The extended closure of the Nord Stream 1 pipeline from Russia to Germany caused a major rise in TTF prices on Monday and a similar reaction for East Asian spot LNG prices.

The ICIS TTF price scaled new heights last week before plummeting this week, setting the tone for erratic Asian spot price movements.

European gas prices remained high this week, supported by supply tightness due to low Norwegian flows caused by unplanned outages at the Sleipner field and Nyhamna plant, and maintenance work on Nord Stream 1 set to last until 21 July.

News that the outage at Freeport LNG in the US will last longer than initially expected drove up the ICIS European TTF gas benchmark due to lower expected US exports. The ICIS East Asia Index (EAX) also climbed, underscoring its close ties to Europe’s prices.

European TTF prices opened down on Thursday morning after a strong start to the week triggered by news that Russia would stop pipeline gas exports to Poland and Bulgaria.