Asian spot prices flat amid muted demand and adequate supply

Asian spot liquefied natural gas prices started the year steady, as muted regional demand and ample supply kept the market flat following a 348 slump in 2025.

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The average LNG price for February delivery into Northeast Asia was estimated at $9.60 per million British thermal units (mmBtu), unchanged from the previous week, industry sources said.

“Market conditions remain relatively calm and are largely dominated by bearish sentiment,” said Siamak Adibi, director for gas and LNG supply analytics at consultancy FGE, adding that LNG supply in December likely reached new record levels of 42 million tonnes despite outages at LNG Canada and Freeport LNG in the U.S.

“Weak Asian demand has allowed Europe to absorb spot cargoes more comfortably,” he added.

The year-end holiday season has also curbed trading activity, with warmer-than-average forecasts in many Asian and North American cities keeping a bearish sentiment on gas and LNG price outlooks for early January, said Masanori Odaka, Rystad Energy's senior analyst.