SINGAPORE: Asian spot prices for liquefied natural gas (LNG) hit a six-year high this week as a cold spell gripped the region at a time when supply had been curbed from several plants globally due to unplanned maintenance.

The average LNG price for February delivery into Northeast Asia was estimated at about $11.20 per million British thermal units (mmBtu), up 70 cents from the previous week, sources said.

Prices for cargoes delivered in January were estimated to be about $12.70 per mmBtu, up $1.60 per mmBtu from the previous week, they added.

Front-month prices had risen to six-year highs of above $13 per mmBtu earlier this week before slipping after the front-month contract rolled over to February, as supply is returning from some plants, traders said.

Power prices in Japan surged on Thursday to the highest in more than two years amid plummeting temperatures and heavy snowfall in some parts, isolating communities, cutting off power and prompting the government to call an emergency meeting to address the situation.

Temperatures are expected to dip below normal in Seoul, Beijing and Shanghai towards the end of the year, weather data from Refinitiv Eikon showed.

South Korea's Posco and Prism were seeking cargoes for prompt delivery while Korea Gas Corp (KOGAS) is looking for a cargo to be delivered in early February, one industry source said.

Bangladesh's state-owned Rupantarita Prakritik Gas Company is seeking one cargo for delivery in late January after its last tender did not receive any offers, sources said.

Pakistan LNG is looking for three cargoes to be delivered in March after it did not award an earlier tender seeking three cargoes for delivery in January as the offers were too high, sources said.

Malaysia's Petronas likely awarded its Gladstone cargo for mid-January delivery at above $12.50 per mmBtu, one source said.

Tight shipping is also boosting cargo and tanker prices, traders added.