Liquefied natural gas (LNG) prices have soared to their highest level on record as a severe cold spell in Asia and Europe boosts demand at a time when cargoes of the super-chilled fuel are hard to come by.
As reported by the ft.com, spot prices in Asia reached a record level of $20.705 per million British thermal units on Thursday, according to an assessment of daily trading by S&P Global Platts, as traders and buyers in South Korea, Japan and China scrambled to secure supplies.
“What has triggered the rally is colder than normal weather in Asia and Europe and a complete lack of availability of LNG tankers while supply outages have really tightened up the market,” said Samer Mosis at S&P Global Platts.
The historic Arctic blast is set to continue across Asia, with Beijing recording -19.6C on Thursday morning–the city’s lowest temperature since 1966.
In addition, Shandong, Hebei and Shanxi provinces have all also reported the lowest temperatures since their meteorological stations were built.
The Beijing Meteorological Service said the capital is expected to set a new all-time record low -10C (14F) on Friday and Saturday. While in Northeast China’s Jilin province, the lowest temperature is expected to reach a historic -32C (-25.6F) on Friday–all due to the frigid air descending anomalously-far south from Siberia.
As reported by, global.chinadaily.com, and as a further indication of what an illogical, agenda-driven world we’re all living in, Song Lianchun, director of China’s National Climate Center, has blamed the colder winter on “global warming”. He said that global warming has caused warmer winters in most years since the 1980s, but that it can also lead to colder winters such as in 2010, 2011, 2012, and also in the past few years, too — Lianchun is obviously incapable of identifying a new trend when it develops.
Moving further east, to Japan, coal-fired generation up and down the country has increased dramatically in recent weeks, again owing to both the exceptional cold and decrease in LNG availability.
Likewise in the UK, and across Western Europe, energy systems are flagging here too, and the situation has forced authorities to call on emergency generation to supply demand. The UK relied on LNG imports to meet more than a quarter of its gas supplies last year.
Staying in Britain, heavy snow, thick ice, and temperatures below -12C (10.4F) have dominated over the past few weeks, with meteorologists warning there’s much more to come.
The mercury is forecast, by some, to sink south of -27C (-16.6) as The Best From The East 2 looms — temps that low would likely break the UK’s all-time record of -27.2C (-17F) set on both Jan.10, 1982 and Feb. 11, 1895.
The COLD TIMES are returning, the mid-latitudes are REFREEZING in line with the great conjunction, historically low solar activity, cloud-nucleating Cosmic Rays, and a meridional jet stream flow (among other forcings).
Both NOAA and NASA appear to agree, if you read between the lines, with NOAA saying we’re entering a ‘full-blown’ Grand Solar Minimum in the late-2020s, and NASA seeing this upcoming solar cycle (25) as “the weakest of the past 200 years”, with the agency correlating previous solar shutdowns to prolonged periods of global cooling here.
Furthermore, we can’t ignore the slew of new scientific papers stating the immense impact The Beaufort Gyre could have on the Gulf Stream, and therefore the climate overall.
Prepare accordingly— learn the facts, relocate if need be, and grow your own.
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Grand Solar Minimum + Pole Shift