S&P Global Platts’ Japan-Korea Marker, the benchmark for spot LNG in North Asia - where the majority of uncontracted Australian cargoes are sold, recently touched a record high and remains elevated at around $US40 per million British thermal units.

UBS head of Australian energy and utilities research, Tom Allen, said Asian spot prices were highly correlated to the European benchmark gas price.

“With conflict in Europe driving a renewed focus on energy security and the need for greater diversification of energy supply, EU gas hub prices are likely to remain elevated into the medium term,” he said

Meanwhile, Jarden’s analyst Nik Burns said the investment bank’s “base case” for Brent oil in 2022 – the scenario it considers the most probable outcome – had increased from $US83 a barrel to $US100 a barrel.

“We continue to see significant risks to oil supplies and there are now a number of credible scenarios that could see Brent exceed US$150,” he said.

“Our long-term oil price assumption remains US$70 per barrel, but we do not expect the oil price to reach this level until 2025.”

Jarden’s valuations for Santos, Beach and Woodside had increased by 4.3 per cent, 5.8 per cent and 12.2 per cent, respectively, he said.

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