The Northeast Asian assessed spot LNG price JKM (September delivery) for last week (4 – 8 August) fell to high-USD 11s/MBtu on 8 August from low-USD 12s/MBtu the previous weekend (1 August). JKM fluctuated slightly throughout the week, remaining in high-USD 11s/MBtu range, with sufficient supply, sluggish demand in Northeast Asia and no major changes in fundamentals.
METI announced on 6 August that Japan’s LNG inventories for power generation as of 3 August stood at 1.92 million tonnes, up 0.13 million tonnes from the previous week.
The European gas price TTF (September delivery) for last week (4 – 8 August) fell to USD 11.1/MBtu on 8 August from USD 11.4/MBtu the previous weekend (1 August). TTF rose to USD 11.6/MBtu at the start of the week in response President Trump’s announcement of a tariff increase on India for importing Russian crude oil, but then continued to decline as supply and demand stabilized against the backdrop of steady supply from Norway.
On 4 August, the Eu-wide underground gas storage reached 70%. According to AGSI+, the EU-wide underground gas storage was 71.3% as of 8 August, up from 68.8% the previous weekend, down approximately 18.1% from the same period last year, and 9.1% below the five-year average.
The U.S. gas price HH (September delivery) for last week (4 – 8 August) fell to USD 3.0/MBtu on 8 August from USD 3.1/MBtu the previous weekend (1 August). HH continued to fluctuate slightly around USD 3/MBtu, as downward factors such as continued mild weather in the short term and reduced demand for air conditioning were balanced against upward factors such as forecasts of hot weather returning from mid-August and increased for feed gas for LNG.
The EIA Weekly Natural Gas Storage Report released on 7 August showed U.S. natural gas inventories as of 1 August at 3,130 Bcf, up 7 Bcf from the previous week, 4.2% lower than the same period last year, and 5.9% above the five-year average.
Updated: August 12
Source: JOGMEC
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