The Northeast Asian assessed spot LNG price JKM (September delivery) for last week (21 – 25 July) fell to mid-USD 11s/MBtu on 25 July from low-USD 12s/MBtu the previous weekend (18 July). JKM fell to USD 11 range on 24 July for the first time since mid-May due to weak demand amid ample supply, but buyers were still on the sidelines and remained cautious at this price level.
METI announced on 22 July that Japan’s LNG inventories for power generation as of 20 July stood at 1.92 million tonnes, up 0.04 million tonnes from the previous week.
The European gas price TTF (August delivery) for last week (21 – 25 July) fell to USD 11.2/MBtu on 25 July from USD 11.5/MBtu the previous weekend (18 July).
TTF was on a downward trend amid a slight price movement due to the holiday season, as the heatwave in Europe is easing, reducing demand for air conditioning, and supply from Norway is stable.
According to AGSI+, the EU-wide underground gas storage was 66.5% on 25 July, up from 64.4% the previous weekend, down 20.8% from the same period last year, and down 10.7% compared to the five-year average.
The U.S. gas price HH (August delivery) for last week (21 – 25 July) fell to USD 3.1/MBtu on 25 July from USD 3.6/MBtu the previous weekend (18 July). HH fell on the back of weakening demand due to easing of the heatwave forecast and solid supply.
The EIA Weekly Natural Gas Storage Report released on 24 July showed U.S. natural gas inventories as of 18 July at 3,075 Bcf, up 23 Bcf from the previous week, down 4.7% from the same period last year, and 5.9% above the five-year average.
Updated: July 28
Source: JOGMEC
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