Energy News Today

China’s shift from coal helped natural gas prices hit records: Eurasia


SINGAPORE — China’s shift from coal to gas is a “big overlooked factor” in record high natural gas prices, according to political risk consultancy Eurasia Group.

Henning Gloystein, director of energy, climate and resources at Eurasia said millions of households in China were estimated to have moved from coal to natural gas for heating their homes in 2020.

The majority of those transitions happened in the last quarter of the year, just before winter arrived, he told CNBC’s “Squawk Box Asia” on Monday.

Natural gas prices in Asia fell to a record low in the second quarter of last year as the coronavirus crisis spread, but they have surged more than 1,000% since July.

According to S&P Global Platts, the benchmark Japan-Korea-Marker (JKM) spot price for liquefied natural gas in February reached a record high of $32.49 MMBtu last week.

Much of the price surge has been attributed to extremely cold weather in North Asia, which caused natural gas demand for heating to soar.

‘New demand’

Prices may have peaked



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China’s shift from coal helped natural gas prices hit records: Eurasia

2021-01-19 01:48:10

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