Long-Term LNG Becomes Sellers Market As Prices Soar

Surging spot prices of liquefied natural gas in Asia are giving LNG producers and sellers an advantage in contract negotiations for long-term supply with buyers, industry participants with knowledge of ongoing talks have told Reuters. Buyers in Asia, which relied very much on spot supply last year when LNG spot prices plummeted to $2 per million British thermal units (mmBtu), are now looking to lock in more long-term gas supply as spot prices hit a record of over $50/mmBtu for some cargoes traded earlier this month. Energy security and emissions…