SINGAPORE, Aug 1 (Reuters) - Asian spot liquefied

natural gas (LNG) prices inched up after two previous weeks of

declines as geopolitical risk factors including U.S. threats of

sanctions on energy producer Russia, and supply concerns lent

support.

The average LNG price for September delivery into Northeast

Asia was at $12.10 per million British thermal units

(mmBtu), up from $11.90/mmBtu last week, industry sources

estimated.

Geopolitics was back on stage with the threat of sanctions

on offtakers of Russian oil and gas, potentially tightening the

market if LNG is purchased elsewhere, said Klaas Dozeman, market

analyst at Brainchild Commodity Intelligence, but added it

remains unclear how things will turn out.

U.S. President Donald Trump has threatened sanctions on both

Russia and buyers of its exports unless Moscow makes progress

toward ending the war in Ukraine by August 8.

Dozeman added that a trade agreement the U.S. struck with

the European Union remained supportive, as the EU pledged to buy

$250 billion of U.S. energy supplies per year.

Additionally boosting prices, this week's earthquake in

eastern Russia triggering tsunami alerts and a slower than

expected ramp-up at LNG Canada added to supply concerns, said

analysts.

"Still, any upside is capped by weak cooling demand across

South and Southeast Asia, and elevated LNG inventory and

underground gas storage in China," said Kpler analyst Go

Katayama.

In Europe, S&P Global Commodity Insights assessed its daily

North West Europe LNG Marker price benchmark for cargoes

delivered in September on an ex-ship basis at $11.347/mmBtu on

July 31, a $0.45/mmBtu discount to the September futures price

at the Dutch TTF hub.

Argus assessed the price at $11.39/mmBtu, while Spark

Commodities assessed it at $11.374/mmBtu.

"Continued strong pipeline (gas) flows and high German wind

generation will suppress bullish impulses. However, LNG supply

tightness from Italy's Rovigo maintenance and intensified

Egyptian procurement activity may introduce upward risk," said

Kpler's Katayama.

One LNG cargo was diverted from the Netherlands to Egypt,

said Argus head of LNG pricing Martin Senior, adding that high

temperatures in Egypt could support demand for additional

cargoes.

The U.S. arbitrage to Northeast Asia via the Cape of Good

Hope widened this week to continue incentivising U.S. cargo

deliveries to Europe, said Spark Commodities analyst Qasim

Afghan. The arbitrage via Panama, which had pointed to Asia for

almost two weeks, is now closed and pointing to Europe.

In LNG freight, Atlantic rates rose to $35,500/day on

Friday, while Pacific rates declined for a fifth straight week

to $33,500/day, he added.