Asian gas prices rally on rush by Japan to secure winter supplies

Japan, one of the world’s top buyers of liquefied natural gas, is rushing to secure supplies for winter, exacerbating a global shortage and driving prices of the super-chilled fuel higher.

The Asian benchmark spot price has jumped over the past week, although is still almost 70% off the record set in early March, when Russia’s invasion of Ukraine upended markets. Several Japanese utilities accelerated discussions with suppliers in the past week to purchase additional shipments for winter, according to traders with knowledge of the matter.