Spark’s data lead, Qasim Afghan, told LNG Prime on Friday that Spark30S (Atlantic) LNG freight rates rose to new year-to-date highs this week, increasing by $16,000 compared to the previous week.
In addition, Spark25S (Pacific) rates rose by $10,500 to $89,250 per day.
This marks the highest rates in both basins since December 2023, according to Afghan.
“In the Atlantic basin, spot market gains continue, though a single headline rate can give a false sense of a smooth and steady rise,” Fearnley LNG said in its weekly LNG report.
The Oslo-based advisory and brokering firm said that the climb has “actually been quite volatile, surging one day and softening the next, yet an overarching winter curve is emerging.”
“The lack of 2-stroke tonnage has caused some very tight periods, with majors allowing ships to be pried from portfolios only at a premium, while competition among owners and sub-letters only acts as a fluttering brake rather than an abrupt cliff edge,” Fearnley LNG said.
“So, athough rates are easing from mid-December highs, they remain elevated, suggesting a soft landing into 2026,” it said.
“In the Pacific basin, activity is higher but less volatile than in the West, and as mentioned on our recent post, ST and TFDE vessels provide a relief valve when 2-strokes disappear. Shorter voyages also offer optimization opportunities,” Fearnley LNG said.
Fearney LNG noted that the Middle East remains a “strong demand source, attracting ships from Asia with new requirements and attractive fixing levels.”
European prices drop
In Europe, the SparkNWE DES LNG decreased compared to last week.
“The SparkNWE DES LNG front month price for December decreased by $0.644 to $9.416/MMBtu this week, the lowest front-month DES LNG price for NW-Europe since May 2024. The basis to the TTF is assessed at -$0.445/MMBtu,” Afghan said.
“The US front-month arb (via COGH) is now strongly pointing to Europe, currently pricing in at -$0.546/MMBtu and marking the strongest pricing signal to Europe since February. This has been caused by the continuing freight rally, combined with the JKM-TTF spread narrowing week-on-week,” Afghan said.
“Similarly, the US front-month arb (via Panama) has narrowed significantly, now only marginally pointing to Asia and pricing in at $0.065/MMBtu,” he said.
Data by Gas Infrastructure Europe (GIE) shows that volumes in gas storages in the EU dropped from last week and were 77.21 percent full on November 26, 2025.
Gas storages were 80.71 percent full on November 19, 2025, and 87.05 percent full on November 26, 2024.
JKM
In Asia, JKM, the price for LNG cargoes delivered to Northeast Asia in January 2025 settled at $11.115/MMBtu on Wednesday.
Last week, JKM for January settled at 11.465/MMBtu on Friday, November 21.
Front-month JKM dropped to 11.250/MMBtu on Monday and 11.130/MMBtu on Tuesday.
State-run Japan Organization for Metals and Energy Security (Jogmec) said in a report earlier this week that JKM for last week “rose to mid-$11s/MMBtu on November 21 (January delivery) from high-$10s/MMBtu the previous weekend (November 14, December delivery).”
“JKM rose to mid-$11s/MMBtu on November 17, supported by the widening price spread between Europe and Asia as well as rising charter rates driven by a vessel shortage caused by increased US LNG production. Thereafter, JKM fluctuated as upward pressures from these factors competed with downward pressures from persistently weak demand in Asia, rising to high-$11s/MMBtu on November 20 before falling again and settling at mid-$11s/MMBtu on November 21,” Jogmec said.
