LONDON, May 26 (Reuters): Asian spot liquefied natural gas (LNG) prices rose for the fourth straight week and hit its highest level in five months amid firm demand, tracking European gas market gains amid concerns over possible disruption to Russian gas supply.
The average LNG price for July delivery into north-east Asia rose to $12.30 per million British thermal units (mmBtu), its highest level since mid-December and up from $10.90/mmBtu in the previous week, industry sources estimated.
"Spot LNG prices remain strong, supported by firm demand, unexpected outages and ongoing geopolitical risks," said Alex Froley, senior LNG analyst at data intelligence firm ICIS.
"Asian buyers have been increasing demand to take advantage of this year's lower prices relative to last year, with countries including China and Thailand seeing record import levels," he said.
Hot weather across some of the Asia region's markets has lifted power demand, supporting purchasing activity, said Samuel Good, head of LNG pricing at commodity pricing agency Argus.
In south-east Asia, some buyers recently issued tenders for longer-term cargoes, according to Charles Costerousse, senior LNG analyst at data analytics firm Kpler.
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