Prices rise on robust demand ahead of peak winter months | Reuters
Asian liquefied natural gas (LNG) prices rose for the second straight week on robust demand from Asian buyers ahead of peak winter months and on supply concerns in Europe after delay in licensing the new Nord Stream 2 pipeline.
The average LNG price for January delivery into Northeast Asia rose to $36.7 per metric million British thermal units (mmBtu), up $5.2, or 16.5%, from the previous week, industry sources said.
"The delays to Nord Stream 2 have seen a bit of panic creep back into the market especially with the first signs of colder temperatures in Asia and with colder forecasts starting to hit in the U.S. as well," said Ryan McKay, commodity strategist at TDS securities.
On Tuesday, Germany's energy regulator suspended the approval process for Nord Stream 2, a major new pipeline bringing Russian gas into Europe, throwing up a new roadblock to the contentious project and driving up regional prices.
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