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Spiking natural gas consumption across South and Southeast Asia continues as dwindling domestic production and increasing power demand continue to drive global LNG market interest.
The region has experienced extreme hot weather since April, with temperatures nearing or surpassing record highs in Bangladesh, India, Pakistan, the Philippines, Thailand and Vietnam. The heat wave, along with a two-week outage at the Wheatstone liquefied natural gas export plant in Australia that was resolved over the weekend, has pushed prices for Asian spot cargoes above $12/MMBtu this month.
However, EnergyAspects expects prices to fall next month as the weather cools.
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