Spark’s data lead, Qasim Afghan, told LNG Prime on Friday that Spark30S (Atlantic) rates rose by $11,000 compared to the previous week, the largest week-on-week increase in the Atlantic in nine weeks.
On the other hand, Spark25S (Pacific) rates decreased for a tenth consecutive week, dropping $1,000 to $28,250 per day.
“After winter’s dramatic swing from six-digit highs to sub-$10k/day lows, the Atlantic is showing renewed momentum,” Fearnley LNG said in its weekly LNG report.
The Oslo-based advisory and brokering firm said that “early March rates have doubled week-on-week, supported by weather-related disruption tightening vessel availability and several uncovered cargoes entering the fixing window.”
“Prompt fundamentals are clearly firmer,” it said
“Pacific and Middle East markets continue to command a premium over Atlantic levels, underpinned by steadier conditions,” Fearnley LNG said.
“However, should Atlantic momentum persist, regional spreads could narrow or even reverse in short order,” it said.
“While improving conditions offer some comfort to owners, the broader landscape remains challenging particularly with the growing volume of tonnage being shown for multi-month periods,” Fearnley LNG said.
European prices down
In Europe, the SparkNWE DES LNG dropped compared to last week.
“The SparkNWE DES LNG front-month price for March dropped $0.367 this week to $10.377/MMBtu,” Afghan said.
He said that the basis to the TTF “is assessed at -$1.115/MMBtu – this is the first time since May 2023 that the TTF basis has widened to less than -$1, and indicates significantly increased demand for delivery slots into NW-Europe.”
“The US front-month arb (via COGH) for March loading has narrowed further to -$0.400/MMBtu, but still continuing to point US prompt cargos to Europe,” he said.
“Similarly, the Nigerian front-month arb (via COGH) has narrowed to -$0.050/MMBtu and is now only marginally pointing to Europe,” Afghan said.
Data by Gas Infrastructure Europe (GIE) shows that volumes in gas storages in the EU dipped from last week and were 35.21 percent full on February 11, 2026.
Gas storages were 38.48 percent full on February 4, 2026, and 47.23 percent full on February 11, 2025.
JKM
In Asia, JKM, the price for LNG cargoes delivered to Northeast Asia in February 2026 settled at $11.005/MMBtu on Thursday.
Last week, JKM for February settled at 11.05/MMBtu on Friday, February 6.
Front-month JKM dropped to 11.045/MMBtu on Monday, 11.015/MMBtu on Tuesday, and 11.010/MMBtu on Wednesday.
Japan’s JOGMEC said in a report earlier this week that the Northeast Asian assessed spot LNG price JKM for last week fell to “high-$10s/MMBtu on February 6 from low-$12s/MMBtu the previous weekend.”
“At the beginning of the week, JKM fell by more than $1 from the previous weekend to high-$10s/MMBtu due to reduced geopolitical risk following the easing of tensions between US and Iran. In the middle of the week, JKM fell to mid-$10s/MMBtu amid ample inventories in Northeast Asia. However, at the end of the week, it edged back up to high-$10s/MMBtu as sellers were limited amid some inventory restocking activity,” JOGMEC said.
