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

News of Nord Stream 1 maintenance and unplanned outages in Norway had pulled the TTF to record levels on 24-26 August, but the crash this week was driven by high gas inventory and the European Union announcing plans to reform its electricity market.

In Asia, muted LNG spot demand has kept the East Asia Index’s (EAX) discount to the TTF wide, last assessed at $15.68 on 31 August.

High prices continued to deter some south Asian buyers from the spot market.

Russia’s...