KUALA LUMPUR, Aug 22 — An ongoing heatwave in Asia is likely to keep gas consumption in the region strong, while the risk of price volatility remains due to geopolitical tensions in Europe and the Middle East, said Oslo-based energy research firm Rystad Energy today.

Its senior analyst Masanori Odaka said persisting heatwaves across Asia were driving up gas demand, particularly in Japan and South Korea.

"This summer, Japan has seen higher power prices due to ongoing heat and maintenance at three nuclear plants, with two expected to last until the end of August.

"Meanwhile, European gas prices are falling, and the United States maintains robust gas production and supply to liquefied natural gas (LNG) terminals,” he said in a note on gas and LNG market update today.

Asian spot LNG prices for October, the new trading month, traded around US$14.40 (RM63) per million British thermal units on August 20, while derivatives for November traded 2.6 per cent lower week-on-week at around US$14.20 on the same day. — Bernama