Asian LNG benchmark near 3-year peak after Iran attack reduces Qatar LNG export capacity, Platts says

SINGAPORE, March 20 (Reuters) - The Japan-Korea-Marker (JKM), widely used as an Asian LNG benchmark, was at $22.732 per million British thermal units (mmBtu) on Friday, after Iran attacks knocked out 17% of Qatar's export capacity, Platts, part of S&P Global Energy, told Reuters.

While the price was down 10.55% day on day, it is still close to three-year highs, while the forward impact of the two-train damage has filtered into futures markets till 2027, said Kenneth Foo, global LNG pricing director at S&P Global Energy.

"Buyers had initially avoided spot cargoes, expecting Qatari supply to recover by the second quarter. But the damage to Ras Laffan liquefaction has potentially broken that assumption, pulling buyers back into spot and along the curve," he said.

"Asia appears now keen to secure some winter cover, firming third quarter, fourth quarter and winter 2026 JKM derivatives prices."

QatarEnergy CEO Saad al-Kaabi, who is also state minister for energy affairs, told Reuters on Thursday that two of Qatar's 14 LNG trains and one of its two gas-to-liquids facilities were damaged by Iranian strikes, and that repairs would sideline 12.8 million tons per year of LNG for three to five years.