The Platts JKM for December delivery LNG cargoes ended the trading week at $9.65/MMBtu, charting a 30 cent rise on the week and edging towards double figures.
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Asian spot LNG was last in double-digit territory on January 2, 2015.
Spot prices rose on the back of stronger Brent crude values, hovering around $64/barrel, hoisting indicative forward price levels for oil-linked term LNG prices as well as oil-linked deal levels into recent Egypt and Pakistan LNG buy tenders.
Egypt's buy tender seeking 12 cargo deliveries across the first quarter of 2018 was awarded to Gas Natural Fenosa, Trafigura, Vitol and Glencore for five cargoes, four cargoes, two cargoes, and one cargo, respectively, according to sources.
Successful oil-linked offer levels were equivalent to around $9.50/MMBtu to $9.70/MMBtu for January and February cargoes.
Higher oil-linked prices in the Middle East and India markets also hoisted pricing indications in the Pacific.
Papua New Guinea LNG's sell tender offering a single December 2-3 loading cargo was awarded at a delivered ex-ship equivalent price of about $9.50/MMBtu for delivery into China.
An unusual November 19 loading FOB cargo offered and sold by Petronas to a North Asian buyer also supported sentiment on the prompt market despite the trade being outside of current price assessment periods.
Offer levels have been rising for both December and January assessment periods, towards the $10/MMBtu mark, with the inter-month pricing structure flattening out.
Concerns over production in key Australian production facilities continue to linger, with market players watching for Wheatstone LNG to load its second cargo, Gorgon project's Train 3 to enter maintenance in mid-November for up to 40 days, and a possible production outage at North West Shelf LNG.