THE current high gas price in the spot market means that Malaysian manufacturers that pay a regulated price set by the Energy Commission (EC) are now enjoying a much lower gas price than their international counterparts. However, the current high gas price level is not expected to be sustained for long, as the extremely cold weather in the northern hemisphere has started to subside, which means less gas will be needed for heating. Lower demand for heating will translate into higher stockpile among northern countries. According to S&P Global Platts, the futures price for LNG Japan/Korea Marker (JKM) for March 2021 delivery has been increasing since Nov 19, 2020, when it was trading at US$5.815 per million British thermal unit, to US$19.695 per mmBtu on Jan 11.