Asian LNG importers are rejoicing at the EU decision to cap natural gas prices. The price cap could limit volatility and excessive price spikes on the Asian spot LNG market, traders told Bloomberg after the EU energy ministers agreed on a “market correction mechanism”, which would come into force on February 15, 2023. Since the Russian invasion of Ukraine and the slashed pipeline gas supply from Russia to Europe, the EU and Asia have competed for LNG cargoes with prices setting record highs on both markets earlier this year amid intense…
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