OREANDA-NEWS The cost of liquefied natural gas (LNG) in the main world markets — in North Asia and Europe — fell to multi-month lows amid a mild winter and significant reserves, Bloomberg reports.

As of January 9, spot prices in North Asia had fallen to $9.8 per million British thermal units (BTU). The last time they were at this level was in mid-June 2023.

In turn, in Europe, prices on the index of Europe's largest Dutch TTF hub fell to almost $ 340 per thousand cubic meters, which was the lowest value since September last year.

As the newspaper notes, in Asia, fuel prices for heating and power plants have almost halved since mid-October. Significant reserves of gas, preserved by the middle of winter, suggest that in the coming months it is possible not to expect an increase in its cost. Meanwhile, in Europe, the level of reserves in underground storage is above 80 percent, which is significantly higher than the average for five years.

Earlier, Gazprom CEO Alexey Miller said that there is an artificial destruction of gas demand in Europe. Since the beginning of hostilities in Ukraine, the company has sharply reduced its presence in the market, which has remained key for decades, and is now looking for new supply lines.