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Hot weather in Asia continues to attract LNG cargoes from the Gulf Coast, which has created a lopsided shipping market.
Temperatures are forecast to be above normal in Japan, South Korea and Southeast China over the next 6-10 day period, according to Maxar’s Weather Desk. Hot weather has blanketed parts of Asia and South Asia since the spring.
Global gas prices have risen sharply since that time when the restocking season got underway. Both the Japan-Korea Marker (JKM) and the Dutch Title Transfer Facility (TTF) in Europe traded sideways last week. But the weather, plant outages and geopolitical risks have kept JKM near $13/MMBtu, or about $2 higher than European gas prices.
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