LNG prices hit record highs as severe cold intensifies across Asia and Europe
Liquefied natural gas (LNG) prices have soared to their highest level on record as a severe cold spell in Asia and Europe boosts demand at a time when cargoes of the super-chilled fuel are hard to come by. The historic Arctic blast is set to continue across Asia, with Beijing recording -19.6C on Thursday morning–the city’s lowest temperature since 1966. In addition, Shandong, Hebei and Shanxi provinces have all also reported the lowest temperatures since their meteorological stations were built. The Beijing Meteorological Service said the capital is expected to set a new all-time record low -10C (14F) on Friday and Saturday. While in Northeast China’s Jilin province, the lowest temperature is expected to reach a historic -32C (-25.6F) on Friday–all due to the frigid air descending anomalously-far south from Siberia.