Asian LNG buyers have been sitting on the sidelines of the spot market this week as they wait for the war premium in natural gas markets to fade.
Amid comfortable levels of inventories for this time of the year, Asian LNG buyers have been sitting on the sidelines of the spot market this week, hoping for the surge in natural gas prices after the Hamas attack on Israel to fade. Natural gas prices in Asia and Europe jumped this week, following a suspected sabotage on an offshore gas pipeline in Europe and the threat to supply from the Eastern Mediterranean in case of further flare-ups in the Hamas-Israel war.
With inventories at comfortable levels, buyers in Asia wait for a possible de-escalation in the Middle East. Security of gas deliveries to Europe also came into focus this week, with a suspected sabotage on the Finland-Estonia Balticconnector offshore gas pipeline. “It is likely that the damage to both the gas pipeline and the data cable is caused by external activity. What specifically caused the damage is not yet known,” Finnish President Sauli Niinisto said in a statement on Tuesday.
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