Record High LNG Prices Could Result In Demand Destruction

Driven by the global energy rally, Asia’s spot liquefied natural gas (LNG) prices exceeded this week the psychological threshold of $50 per million British thermal units (mmBtu).  The $56.326/mmBtu price of the Platts benchmark Japan Korea Marker (JKM) for November was an all-time high at which a cargo of LNG traded in the Asian market, and was more than $20/mmBtu higher than the previous record of $34.52/mmBtu, set just last week.  Rallying LNG prices have already seen a massive 870-percent surge since the low for 2021 at $5.80/mmBtu…