CommoditiesMedium•4 November 2026•
1 min read
Asian LNG Benchmark Surpasses $31/MMBtu Driven by Global Supply Crunch
Key Facts
1The Japan-Korea Marker (JKM) for LNG exceeded $31 per MMBtu in November, briefly hitting $33.
2Prices have surged significantly from just over $9 per MMBtu at the beginning of the year.
3The price spike is driven by competition between Europe and Asia for limited cargoes following Qatari export disruptions.
The Japan-Korea Marker (JKM), the benchmark for spot LNG in Asia, exceeded $31 per MMBtu in November and briefly touched $33. OilPrice reported that prices have surged significantly from levels of just over $9 per MMBtu recorded at the beginning of the year, reflecting severe tightness in global energy markets.
The price spike is driven by intense competition between Asian and European buyers for limited spot cargoes following export disruptions from Qatar. According to the International Energy Agency, geopolitical tensions resulted in the loss of approximately 60 billion cubic meters of LNG supply in the eight months through October, while QatarEnergy extended force majeure on its own exports.