China Natural Gas Traders Pause Spot Purchases as Prices Surge
- LNG prices jump by the most in six months to $11.58/mmbtu
- China buyers stop inquiries, India companies cancel tenders
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The biggest spike in Asian natural gas prices in more than six months has made buyers in China pause spot purchases.
Benchmark prices rose 19% to $11.58 per million British thermal units on Wednesday, the biggest one-day gain since last November, according to data from S&P Global Commodity Insights. That surge is dealing a blow to renewed demand for the fuel from price-sensitive emerging economies, said traders.