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Doha, Qatar: Asia spot LNG rose for a third week on Friday to hold at a nine-week high, as colder temperatures lifted heating demand in the Northern Hemisphere and as US export loadings eased earlier last week.
The average LNG price for February delivery into north-east Asia was $11.60 per million British thermal units (mmBtu), up from $11.35 per mmBtu the week before, noted Al-Attiyah Foundation in its Weekly Energy Market Review.
In Europe, the Dutch TTF gas price settled at $13.66 per mmBtu, posting a weekly gain of 14.22%. Europe is experiencing higher year-on-year gas demand, and although LNG send-out remains robust, elevated storage withdrawals are increasing pressure on the system, analysts said.
Meanwhile oil prices dipped a few cents per barrel on Friday, consolidating recent gains and holding near six-month highs on Friday, supported by ongoing tensions between the US and Iran. Brent crude futures settled at $70.69, and US. West Texas Intermediate crude finished at $65.21. For the week, Brent rose 7.3%, while WTI gained 6.8%.
