An unprecedented surge in prices for LNG in Asia is ringing alarm bells among industrial energy users on the east coast amid forecasts that domestic gas prices could be driven back up into double figures, despite lacklustre demand.Freezing winter temperatures and a supply squeeze have driven north Asian spot prices for LNG to a six-year high of about $US15 per million British thermal units, an astonishing turnaround from the sub-$US2 levels of last June.The sharp rally has triggered a spike in estimated LNG "netback" prices - the equivalent price in Australia to the spot Asian LNG price - to levels not seen since the competition watchdog started publishing netback prices at the beginning of 2016.
SXY Price at posting:
31.5¢ Sentiment: Buy Disclosure: Held
