Spark’s data lead, Qasim Afghan, told LNG Prime on Friday that Spark30S (Atlantic) rates rose $3,250 to $104,500 per day.
Afghan said Spark25S (Pacific) rates rose $2,500 to $82,000 per day.
Atlantic rates remain “broadly steady”
“The continued eastbound arbitrage and thinner prompt availability would typically point to a tighter spot market. However, in the Atlantic this has yet to produce meaningful upward momentum: rates remain broadly steady with some signs of slight softening,” Fearnley LNG said in its weekly LNG report on Thursday.
“In the Pacific, recent clearing of prompt tonnage has supported the market, particularly for TFDE vessels. Still, competitive pricing on modern tonnage limits the potential for a wider rally,” the Oslo-based advisory and brokering firm said.
According to Fearnley LNG, a higher LNG price environment, combined with increased trading volatility, should create opportunities for traders and portfolio players, “especially where charterers can preserve genuine freight flexibility.”
At the same time, lower cargo volumes and weak shipping fundamentals “remain an important counterbalance.”
“This tension is reflected in the current bid-offer spread, with freight discussions often moving in tandem with traders assessing FOB sales. For now, that dynamic continues to place a natural ceiling on spot rates,” Fearnley LNG said.
“Looking ahead to winter, market views are beginning to diverge. Participants weigh the same core themes—less volume, more ships, higher LNG prices and stronger buyer competition—but reach different conclusions. For some, stronger trading dynamics support taking on additional tonnage; for others, the underlying supply–demand balance argues for caution,” Fearnley LNG added.
Continued reduced demand for European delivery slots
In Europe, the SparkNWE DES LNG rose compared to last week.
“The SparkNWE front-month DES LNG price for July delivery has narrowed to TTF-$0.085, the narrowest discount to the TTF since the first week of the Iran conflict and indicating strongly reduced demand for European delivery slots. The outright NWE DES LNG price is now at $16.688/MMBtu, rising $0.191 week-on-week,” Afghan said.
“The US prompt (M+1) arb to Asia via COGH remains open and pointing to Asia, priced at +$0.102/MMBtu. The US M+1 arb via Panama is also pointing to Asia, now priced at +$0.936/MMBtu,” he said.
Moreover, Afghan said that with higher availability of LNG transit slots for the Panama Canal as a result of the new LoTSA slot allocation system, “the US prompt arb via Panama has become an increasingly viable option for US cargoes delivering to Asia this year.”
“This has been further compounded by the Iran conflict, which has opened the arb to Asia via both Panama and the Cape of Good Hope (COGH) – but what’s the financial incentive for US cargo holders to secure canal slots over the longer COGH route?”
“US prompt (M+1) cargoes able to secure a Panama slot are currently $3.0M ($0.76/MMBtu) better off than equivalent cargos traveling via the Cape (excl. canal slot auction premiums). This ‘Panama premium’ has increased $2M ($0.51/MMBtu) in the last 2 months, as high freight costs and a steepening JKM-TTF backwardation across the front 3 months increase the profitability of the shorter voyage via Panama,” Afghan said.
Data by Gas Infrastructure Europe (GIE) shows that volumes in gas storages in the EU rose from the previous week.
Gas storages were 43.36 percent full on June 11, 2026. The storages were 41.25 percent full on June 4, 2026, while the storages were 52.12 percent full on June 11, 2025.
JKM
In Asia, JKM, the price for LNG cargoes delivered to Northeast Asia in July 2026 settled at $18.920/MMBtu on Thursday.
Last week, JKM for July settled at 18.775/MMBtu on Friday, June 5.
Front-month JKM rose to 18.9895/MMBtu on Monday. It dropped to 18.885/MMBtu on Tuesday and rose to 18.915/MMBtu on Wednesday.
