Spot Price for Natural Gas “Too High” – Asia Hits $56/MMBtu

Although the U.S. is a big and getting bigger exporter of natural gas, it's not the biggest exporter of natgas in the world. The distinction of being the biggest exporter of natgas in the world goes to Qatar. Saad al-Kaabi, Qatar’s Energy Minister and CEO of Qatar Petroleum, said yesterday natural gas prices have reached "unhealthy levels" for both producers and consumers. Asia’s spot LNG prices soared by 40% on Wednesday as a cargo for delivery into North Asia in November was priced as much as $56/MMBtu--a record high that beat the previous record from last week of $34.52/MMBtu.

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