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Bloomberg
Liquefied natural gas importers in Asia are bracing for higher spot prices as Russia’s move to cut some supply to Europe is poised to further tighten the global market.
Moscow is cutting off gas to Poland and Bulgaria, making good on a threat to halt flows to countries that refuse President Vladimir Putin’s new demand to pay for the fuel in rubles. The escalation of the standoff between Russia and the European Union over energy supplies is sending prices on the continent surging.
North Asia LNG spot rates are expected to also rise on fears that Europe will move to procure a dwindling amount of available cargoes, traders said. Russia’s invasion of Ukraine is exacerbating a global energy crisis, sending LNG and coal prices to record highs.