Japan Accumulates Maximum LNG Reserves In 5 Years - Economy Ministry

Japan's reserves of liquefied natural gas (LNG) reached 2.3 million tonnes mid-October, marking the highest volume in the last five years, the Ministry of Economy, Trade and Industry said on Thursday

TOKYO (UrduPoint News / Sputnik - 21st October, 2021) Japan's reserves of liquefied natural gas (LNG) reached 2.3 million tonnes mid-October, marking the highest volume in the last five years, the Ministry of Economy, Trade and Industry said on Thursday.

"As of mid-October, LNG reserves reached a five-year high.

Compared with the rate year earlier, the excess is about 700,000 tonnes," the ministry said, specifying the control date as October 15.

Gas prices on the European market have recently surged, with the price of gas futures at the TTF trading point in the Netherlands more than doubling from early August to late September.

According to experts, the rise in gas prices in Europe is driven by an increasing energy demand amid the global economic recovery after months of COVID-19 lockdowns, as well as limited supply.