The Northeast Asian assessed spot LNG price JKM for last week (15 – 19 September) rose to mid-USD 11s/MBtu on 19 September (November delivery) from low-USD 11s/MBtu the previous weekend (12 September, October delivery).
JKM showed relatively calm movements throughout the week, briefly rising in the middle of the week after Indian companies purchased spot cargoes, while overall demand remained weak. METI announced on 17 September that Japan’s LNG inventories for power generation as of 14 September stood at 1.76 million tonnes, down 0.05 million tonnes from the previous week.
The European gas price TTF (October delivery) for last week (15 – 19 September) fell to USD 11.1/MBtu on 19 September from USD 11.2/MBtu the previous weekend (12 September). TTF rose to USD 11.4/MBtu on 18 September amid ongoing supply reductions due to maintenance at Norwegian production facilities and the occurrence of additional unplanned maintenance.
However, with mild weather in Europe keeping demand subdued, it fell to USD 11.1/MBtu on 19 September. According to AGSI+, the EU-wide underground gas storage was 81.4% on 19 September, up from 80.1% the previous weekend, down 13.5% from the same period last year, and down 7.0% over the five-year average.
The U.S. gas price HH (October delivery) for last week (15 – 19 September) was almost unchanged at USD 2.9/MBtu on 19 September from USD 2.9/MBtu the previous weekend (12 September).
HH rose to USD 3.1/MBtu in the middle of the week due to rising temperatures and stronger feed gas demand, but fell back to around USD 2.9/MBtu later in the week after the EIA’s announcement reinforced the view that gas inventories were sufficient level.
The EIA Weekly Natural Gas Storage Report released on 18 September showed U.S. natural gas inventories as of 12 September at 3,433 Bcf, up 90 Bcf from the previous week, down 0.1% from the same period last year, and 6.3% increase over the five-year average.
Updated: September 16
Source: JOGMEC
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