Asian spot LNG prices pulled up from the previous week's lows in the second week of December on the appearance of some January demand and as offers rose in the face of high Atlantic prices.
Platts January Japan Korea Marker rose to hit $9.825/MMBtu Friday from $9.35/MMBtu a week earlier.
Prices had been falling in the previous week due to a lack of firm demand and a surfeit of offers. A few traders said they were showing offers in the low $9s/MMBtu to some previously-active buyers and still seeing no interest.
But this week several sources said that Taiwan's CPC was now looking for January and February deliveries, while South Korea's K Power was showing interest for a February delivery. A few sources said there was also possible interest from Japan's Tepco and China's CNOOC, though both were said to be highly weather-dependent.
Bid levels rose through the week from low $9s/MMBtu up to $9.70/MMBtu Friday, catching up with offers that were already above $10/MMBtu.
That was in part a reflection of supply availability becoming more limited as Atlantic sellers focused on high European prices. "No Atlantic sellers are going to offer cargoes at less than $10/MMBtu," one trader said.
UK prices at the National Balancing Point gas hub were exceptionally high during the week due to the coldest start to December since records began in the 17th Century. January futures climbed up from below $9/MMBtu in the previous week to hit $9.60/MMBtu on several occasions, though eased back to around $9.30/MMBtu by the end of the week.
With Asian prices more moderated, that left the spread between the two volatile and reduced. The Japan Korea Marker in fact moved to a discount to the NBP Monday, before moving back to a slight premium and finishing the week 51.3 cents above the UK benchmark price.
Several sources said the outlook for the next few months will largely depend on weather patterns. The Japan Meteorological Agency Friday lowered its forecast for temperatures in Japan in the next month, predicting 11 out of 12 regions would see below average temperatures versus a forecast in the previous week of only eight regions seeing that level.
Likewise, forecasts indicated a possible nosedive in Korean temperatures in the coming week. The Korea Meteorological Administration predicted temperatures of as low as minus 11 degrees Celsius around Seoul for Thursday.
Platts January Japan Korea Marker rose to hit $9.825/MMBtu Friday from $9.35/MMBtu a week earlier.
Prices had been falling in the previous week due to a lack of firm demand and a surfeit of offers. A few traders said they were showing offers in the low $9s/MMBtu to some previously-active buyers and still seeing no interest.
But this week several sources said that Taiwan's CPC was now looking for January and February deliveries, while South Korea's K Power was showing interest for a February delivery. A few sources said there was also possible interest from Japan's Tepco and China's CNOOC, though both were said to be highly weather-dependent.
Bid levels rose through the week from low $9s/MMBtu up to $9.70/MMBtu Friday, catching up with offers that were already above $10/MMBtu.
That was in part a reflection of supply availability becoming more limited as Atlantic sellers focused on high European prices. "No Atlantic sellers are going to offer cargoes at less than $10/MMBtu," one trader said.
UK prices at the National Balancing Point gas hub were exceptionally high during the week due to the coldest start to December since records began in the 17th Century. January futures climbed up from below $9/MMBtu in the previous week to hit $9.60/MMBtu on several occasions, though eased back to around $9.30/MMBtu by the end of the week.
With Asian prices more moderated, that left the spread between the two volatile and reduced. The Japan Korea Marker in fact moved to a discount to the NBP Monday, before moving back to a slight premium and finishing the week 51.3 cents above the UK benchmark price.
Several sources said the outlook for the next few months will largely depend on weather patterns. The Japan Meteorological Agency Friday lowered its forecast for temperatures in Japan in the next month, predicting 11 out of 12 regions would see below average temperatures versus a forecast in the previous week of only eight regions seeing that level.
Likewise, forecasts indicated a possible nosedive in Korean temperatures in the coming week. The Korea Meteorological Administration predicted temperatures of as low as minus 11 degrees Celsius around Seoul for Thursday.
