UK gas panic after freezing weather sparks LNG activity

UK gas jumps above Russian oil-linked and Asian LNG prices

Spiking UK gas prices stemming from freezing weather across Europe have sparked interest in importing liquefied natural gas (LNG) to make up for the gas shortfall. But tight LNG supply and limited import options are making things difficult. UK gas prices on 7 February rose to £1.00 a therm ($15.80/million Btu), above Russian oil-linked gas prices of round $13.50/million Btu and on par with spot Asian LNG prices, which are usually the world's highest priced cargoes. Gas demand soared as temperatures fell well below seasonal averages and Gazprom, the Russian exporter, was unable to provide additional supplies above contracted volumes. "There is gas available from storage and a bit of flexible