Asian spot LNG hits highest since late March; Pakistan buys priciest cargo since 2022

Asia's spot liquefied natural gas benchmark (the Japan-Korea Marker, JKM) rose in the week to 24 July 2026 to its highest level since late March, climbing to around 20 to 21 dollars per million British thermal units. The main cause is supply disruption from the Strait of Hormuz crisis; the waterway carries about 20 percent of the world's traded LNG, largely from Qatar's Ras Laffan export complex.

In one sign of the market pressure, Pakistan's state buyer purchased a spot cargo for 21 to 22 July delivery at about 20.7 dollars per million British thermal units, its priciest purchase since 2022, after a scheduled Qatari cargo was canceled.

Simultaneously costlier global oil and gas deepen imported inflationary pressure on Iran's economy.