Asia's liquefied natural gas (LNG) demand growth may cool this year as buyers baulk at record-high spot prices pushed even higher by Europe's shift to the super-chilled fuel amid the Ukraine crisis, analysts and industry sources said.
High spot prices since late last year have already slowed trade and are likely to crimp demand growth of the fuel in Asia - the largest consuming region - even as some countries see widening gas supply deficits as domestic production falls.
It currently trades around $51 per mmBtu, compared with $6 in March 2021, according to Refinitive Eikon data. However, Rystad Energy analyst Wei Xiong said Asia's appetite to pay for LNG may not be as high as Europe's so the upside risk for Asia spot prices is likely to be lower than that of the TTFs, or Dutch gas prices, in Europe.
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