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Commodities

Severe winter forecast sparks recovery in Asia's LNG prices

Production halts by hurricanes also help bring market out of coronavirus funk

Imported LNG arrives in northern Japan at a Hokkaido Electric Power terminal. LNG prices plunged this year as economic activities froze due to the coronavirus outbreak.   © Kyodo

TOKYO -- Gas prices in Asia have begun to recover from the coronavirus-induced plunge earlier this year, driven by predictions of a colder winter and disruptions to U.S. production caused by hurricanes.

The spot price for liquefied natural gas in Northeast Asia is around $5.20 per million British thermal units, nearly three times above the record lows from earlier this year. The figure remains below the roughly $6 logged in fall 2019 but has recovered to where it was before the coronavirus spread across the world.

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