DUBAI – The chief executive of state energy firm Petronas said today that gas prices at US$7-US$8 (RM29-RM33) per metric million British thermal units (mmBtU) could be a “ sweet spot” for customers and allow for continued investments.
“Natural gas needs to be embraced as a transition fuel. A decarbonised future does not mean hydrocarbon-free future,” Tengku Muhammad Taufik Tengku Aziz said at the Gastech industry conference here.
Global gas prices have been rallying all summer due to low storage inventories, high demand for gas in Asia, less Russian and LNG supply to Europe than usual, high carbon prices and outages.
The average liquefied natural gas price for November delivery into Northeast Asia was estimated at about US$24 to US$25 per mmBtu last week.
Benchmark Dutch natural gas prices in northwest Europe have surged to around US$25/mmBtu from around US$6-US$7/mmBtu at the start of the year. – Reuters, September 21, 2021