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LONDON Asian liquefied natural gas (LNG) spot prices jumped last week in reaction to volatile price spikes on European gas markets and ongoing demand from the region's major consumers. Spot prices for January delivery hit $10.50 per mmBtu, 40 cents above last week, with February prices seeing similar levels. In a tumultuous week, European gas prices gyrated wildly following a flurry of major pipeline and production outages coinciding with high demand and freezing weather. The rally began after the Forties oil and gas pipeline system shut for emergency repairs lifting crude oil prices to a three-year high of $65 a barrel. (Reuters)
