Updated
Updated · Bloomberg · Jul 16Asian LNG Hits $20.2/MMBtu Four-Month High as Hormuz Disruption Fears Deepen
3 articles · Updated · Bloomberg · Jul 16Summary
- $20.2 per million British thermal units marked Asian spot LNG's highest level since late March, extending a sharp rally in regional gas prices.
- Fresh Middle East hostilities drove the move by intensifying concern that shipping through the Strait of Hormuz could stay disrupted for longer.
- Spot LNG has surged about 10% over the past week as traders price in the risk of prolonged supply and transport constraints through the key waterway.
Insights
Has Europe's pivot from Russian gas simply traded one major energy security risk for another, more volatile one? With 30% of global fertilizer trade at risk, is the world facing a food crisis sparked by the Hormuz conflict?