What caused the acceleration in the Natural Gas prices globally
Asian Natural Gas prices surged, tracking European gas prices due to limited Russian gas flow and LNG supply. High LNG spot prices come with increasing crude oil prices staying above the $100/barrel mark due to emerging demand and limited supply. On 17th March, Reliance Industries Limited sold Natural gas from its coal bed methane for around $23.5/MMBtu in Madhya Pradesh. It was heard that LNG importers like Pakistan, India, and Thailand had to pay approximately $33/MMBtu - $36/MMBtu for spot LNG cargoes which is the highest price they had settled in the market. In the Chinese market, the drop in total imports came as spot prices increased due to supply shortages, and buyers switched to coal for their requirements. On 30th March, at Title Transfer Facility (TTF) in the Netherlands, the LNG spot prices rose to a weekly average of $34.66/MMBtu due to bullish demand and limited supply. The Henry Hub spot prices rose from $5.26/MMBtu, on 23rd March, to $5.34/MMBtu on 30th March. In this w...