Dec 24, 2025 Asia spot LNG prices edge up
Global LNG: Asia spot LNG prices edge up on South Korean demand - Reuters
US natural gas futures climb on rising export demand - Reuters
PETRONAS Strengthens LNG Partnership with CNOOC Through Supply Agreement - Press Release
Malaysia’s Petronas signs LNG supply deal with China’s CNOOC - Reuters
U.S. Natural Gas Imports and Exports Monthly PDF October 2025 - U.S. Department of Energy PDF
MOL puts financing in place for Singapore’s second LNG terminal - Offshore Energy
14 African Oil & Gas Projects Driving the Continent’s Energy Boom - African Energy Chamber
China’s Domestic LNG Price Falls to Five-Year Low on Weak Demand - Bloomberg
Russia gets its first home-built ice-class LNG tanker, eyes two more in 2026 - Reuters
Russia’s Sovcomflot Gets First Domestic Tanker for Arctic LNG 2 - Bloomberg
Gas Market Review 2025: turning the valve on Australia’s gas settings - Clayton Utz
US drillers add oil, gas rigs for first time in three weeks, Baker Hughes says - Reuters
Better late than never: The gas fix to a problem that should never have been - ABC Australia
Chevron’s Gorgon CCS to Operate Below Capacity Through 2027 - Energy Intelligence (Subscription)
China’s LNG Imports Rise in November After Year in Decline - Energy Intelligence (Subscription)
GLNG the ‘most vulnerable’ to Canberra’s gas reservation rules - The Australian (Subscription)
GRI — 48 hour Geographic Risk Index
Scope: Current conditions reflected in the last 48 hours of news
Method: The Geographic Risk Index is created by grouping recent news by region and identifying the dominant pressure types repeatedly appearing in each cluster (political, supply, demand, execution, or shipping).
🔴 RED — HIGH GEOGRAPHIC RISK
Australia
Dominant Pressure Type:
- POLITICAL_PRESSURE
Observed Pattern
- Multiple articles describe a mandatory domestic gas reservation scheme (15–25%)
- Policy applies nationally and replaces voluntary mechanisms
- Exporters explicitly identified as exposed (e.g., GLNG)
- Additional regulatory and execution issues noted at existing LNG facilities
Risk Character
- Export-side
- Policy-driven
- Structural rather than episodic
Russia — Arctic LNG system
Dominant Pressure Types:
- POLITICAL_PRESSURE
- SUPPLY_PRESSURE
- SHIPPING
Observed Pattern
- Sanctioned Arctic LNG 2 operating under vessel constraints
- First domestically built Arc7 tanker delivered
- Winter operations dependent on a limited number of ice-class vessels
- Repeated references to logistics bottlenecks and sanctions context
Risk Character
- Supply-side
- Geopolitical and operational
- Concentrated in Arctic logistics
🟡 YELLOW — MODERATE GEOGRAPHIC RISK
China
Dominant Pressure Type:
- DEMAND_PRESSURE
Observed Pattern
- Domestic LNG prices at five-year lows
- High inventories and weak winter demand signals
- Simultaneous rebound in LNG imports reported for November
Risk Character
- Demand variability
- Price-sensitive
- Mixed signals without supply disruption
Norway
Dominant Pressure Type:
- EXECUTION_PRESSURE
Observed Pattern
- Cost overruns and schedule delays at Snøhvit Future
- Issues confined to upgrade and electrification scope
Risk Character
- Project-specific
- Execution-related
- Limited geographic spillover
United States
Dominant Pressure Types:
- DEMAND_PRESSURE
- SUPPLY_UTILIZATION
Observed Pattern
- Record LNG feedgas flows
- Rising domestic gas prices
- Continued progress on new liquefaction capacity
Risk Character
- Market-driven
- Capacity-absorptive rather than disruptive
Japan
Dominant Pressure Type:
- POLICY_PRESSURE (demand-side)
Observed Pattern
- Clean power subsidies announced
- Nuclear restart approvals referenced
- Continued reliance on LNG imports acknowledged
Risk Character
- Demand-side policy adjustment
- Gradual and predictable
🟢 GREEN — LOW GEOGRAPHIC RISK
Southeast Asia (excluding China)
Dominant Pressure Type:
- None concentrated
Observed Pattern
- Singapore FSRU financing and infrastructure expansion
- Myanmar LNG imports resuming at small scale
Risk Character
- Incremental demand and infrastructure growth
- Low regional disruption signal
India
Dominant Pressure Type:
- DEMAND_PRESSURE (positive)
Observed Pattern
- LNG imports increased year-on-year in November
- No policy or supply-side disruptions referenced
Risk Character
- Stable demand-side participation
- Limited systemic impact