A cargo of liquefied natural gas from Nigeria has been redirected to Asia after rising regional prices created an arbitrage opportunity for traders.

Data from analytics firm Kpler showed that the LNG tanker BW Brussels, which loaded at the Nigeria LNG terminal on Bonny Island on February 27, initially indicated it was bound for Europe before changing course and sailing south toward Asia via the Cape of Good Hope.

Analysts said the diversion reflects the widening price gap between Asian and European gas markets following supply disruptions in the Middle East, according to Reuters.

Asia’s benchmark LNG price surged sharply last week as the ongoing conflict between the United States and Iran, along with a suspension of production in Qatar, tightened global supply and pushed buyers in the region to seek alternative cargoes.

The benchmark Japan-Korea Marker for spot LNG cargoes jumped 68.52 per cent to $25.393 per million British thermal units for April delivery last Tuesday, its highest level in three years, according to S&P Global Platts.

By comparison, spot LNG prices for deliveries to northwest Europe rose about 57 per cent to $15.479 per mmBtu for April, indicating a strong rally but still leaving Asia as the more profitable destination for flexible cargoes.

Market analysts said the widening price gap between Asia and Europe has created arbitrage opportunities for traders to redirect LNG cargoes from the Atlantic Basin to Asian buyers willing to pay a premium.

“So far, one LNG tanker that loaded in Nigeria last week has diverted to Asia from its initial Atlantic-bound course after spot prices surged. The BW Brussels LNG tanker loaded a cargo from Bonny LNG in Nigeria on February 27 and was moving west before turning to head south on March 3, data from Kpler showed.

“BW Brussels appears to have changed course from an initial signal toward France and is now heading toward Asia via the Cape of Good Hope,” Reuters reported, quoting a principal insight analyst at Kpler, Go Katayama.

The diversion of the Nigerian cargo underscores how rapidly shifting global prices can reshape LNG trade flows, particularly for shipments that include flexible destination clauses.

Spark Commodities analyst,
Qasim Afghan, said global front-month arbitrage opportunities had “increased significantly” and were now open to Asia across several major LNG export locations.

He added, “This likely reflects the widening Atlantic–Pacific arbitrage, with stronger Asian pricing making diversions of destination-flexible Atlantic cargoes more attractive.