The Northeast Asian assessed spot LNG price JKM (September delivery) for last week (11 – 15 August) fell to low-USD 11s/MBtu on 15 August from high-USD 11s/MBtu the previous weekend (8 August).
JKM continued to decline throughout the week as demand in Northeast Asia remained sluggish due to high inventories in China while supplies remained ample. METI announced on 13 August that Japan’s LNG inventories for power generation as of 10 August stood at 1.96 million tonnes, up 0.03 million tonnes from the previous week.
The European gas price TTF (September delivery) for last week (11 – 15 August) fell to USD 10.6/MBtu on 15 August from USD 11.1/MBtu the previous weekend (8 August).
TTF rose to USD 11.2/MBtu at the beginning of the week based on forecasts of short-term temperature rises, but fell towards the end of the week due to expectations of easing tensions following ceasefire negotiations between U.S. and Russia, as well as forecasts of a cooling of the heatwave in Europe, reaching USD 10.6/MBtu on 15 August.
According to AGSI+, the EU-wide underground gas storage was 73.3% as of 15 August, up from 71.3% the previous weekend, down approximately 17.6% from the same period last year, and 8.9% below the five-year average.
The U.S. gas price HH (September delivery) for last week (11 – 15 August) fell to USD 2.9/MBtu on 15 August from USD 3.0/MBtu the previous weekend (8 August).
HH continued to fluctuate slightly in high-USD 2/MBtu range due to strong gas supplies and forecasts of cooler weather in the eastern U.S. The EIA Weekly Natural Gas Storage Report released on 14 August showed U.S. natural gas inventories as of 8 August at 3,186 Bcf, up 56 Bcf from the previous week, 2.4% lower than the same period last year, and 6.6% above the five-year average.
Updated: August 18
Source: JOGMEC
The post Weekly review of natural gas and LNG prices first appeared on Global LNG Hub.