The Northeast Asian assessed spot LNG price JKM for the previous week (30 May-3 June) followed an upward trend from USD 24/MBtu the previous week to reach USD 25/MBtu on 31 May which linked to the European gas price TTF, while it fell to USD 24/MBtu on 3 June due to weak demand from Asia.
The European gas price TTF rose to USD 28.4/MBtu on 31 May from USD 26.4/MBtu the previous week due to Gazprom’s announcement to halt its gas supplies to European companies that refused to comply to pay in rubles, but it fell to USD 24.8/MBtu on 3 June supported by strong European natural gas underground storage.
The U.S. gas price HH fell from USD 8.73/MBtu the previous week to USD 8.15/MBtu on 31 May, while it rose to USD 8.52/MBtu on 3 June.
Recent warmer weather and lower hydropower output by drought are supporting prices.
Updated 6 June 2022
Source: JOGMEC
