Asia spot LNG prices reach six week high amid cold weather forecasts and rising utility demand

Asia spot liquefied natural gas prices for March delivery into Northeast Asia averaged $10.10 per million British thermal units (mmBtu) as of the week ending January 16, 2026. This figure represents a 6 percent increase from $9.50 per mmBtu recorded the previous week and marks the highest level for the region since December 5, 2025. This upward movement is primarily driven by colder weather forecasts across Northeast Asia and Europe, which have tightened market fundamentals and spurred increased spot tender activity from utilities in Japan JP.

The Japan Korea Marker LNG Index JKMhas responded to changing climate outlooks, with heating degree days in Northeast Asia forecast to exceed the 10-year average starting January 21. These requirements are expected to peak at 26.8 percent above normal levels on January 23. This shift follows a period in November and December 2025 where heating degree days were below the 10-year average, despite a historical cold snap that occurred in early January 2025. In response to the current forecast, the Kansai Electric Power Company 9503.Tand the Tohoku Electric Power Company 9506.Thave each sought one LNG cargo for delivery between February and March.