As the US-Israel war with Iran continues, some Asian countries are reportedly struggling to find immediate cargoes of LNG especially at usual prices.

According to a report by Bloomberg, countries including Thailand, Bangladesh and Vietnam are dipping into the spot market to safeguard near-term energy security as uncertainty persists over the duration of the US-Israeli war against Iran.

However, some tenders for this month — like from India’s Gail and GSPC — failed as no sellers offered cargoes at acceptable prices, indicating a shortage of immediately available fuel, according to Bloomberg report. Thailand’s PTT was seeking a late March-early April cargo but only bought for next month.

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Recently, some of the cargoes were awarded at high prices. Bangladesh this month received two emergency shipments, one at about $28 per million British thermal units — about 2.5 times higher than the January rate — and the other at close to $23/mmbtu, Bloomberg quoted a Petrobangla official, who added the move was to avert a domestic energy crisis.

This comes as Europe has a limited amount of gas. The West Asia conflict, which began on February 28 with US and Israeli strikes on Iran, has disrupted regional energy oil flows.

As the war in the West Asia continues, the global LNG prices have soared. While the European gas prices increased to 30% on Monday following a spike in crude oil, the LNG prices in Asia have reportedly doubled and trader expect the prices to remain high till the war.

Also Read:Amid Iran War, Japan Says ‘G7 To Carry Out Joint Oil Stockpile Release’

According to Bloomberg, European natural gas dropped after US President Donald Trump predicted the Iran war will end soon, as he faces mounting pressure over how the conflict has upended energy markets.

Japan on Tuesday said the G7 energy ministers are prepared to carry out joint oil stockpile release in the wake of the US-Israel war on Iran.

Source: World News in news18.com, World Latest News, World News