The Northeast Asian assessed spot LNG price JKM (November delivery) for last week (29 September – 3 October) fell to mid-USD 10s/MBtu on 3 October from low-USD 11s/MBtu the previous weekend (26 September). JKM reached its lowest level since May 2024 on 1 October, driven by sluggish spot demand due to ample LNG inventories and sufficient supply in Northeast Asia.
Subsequently, the price rose slightly as end-users in India, China and Southeast Asia regained buying interest, encouraged by the low price levels. METI announced on 1 October that Japan’s LNG inventories for power generation as of 28 September stood at 1.83 million tonnes, down 0.05 million tonnes from the previous week.
The European gas price TTF for last week (29 September – 3 October) fell to USD 10.8/MBtu on 3 October (November delivery) from USD 11.2/MBtu the previous weekend (26 September, October delivery). TTF declined from the start to the middle of the week due to stable supplies from the Norwegian continental shelf, mild weather conditions, and robust wind power generation.
Subsequently, with no significant change in fundamentals, the price continued to fluctuate within a narrow range. According to AGSI+, the EU-wide underground gas storage was 82.6% on 3 October, up from 82.2% the previous weekend, down 12.8% from the same period last year, and down 7.5% over the five-year average.
The U.S. gas price HH for last week (29 September – 3 October) rose to USD 3.3/MBtu on 3 October (November delivery) from USD 2.8/MBtu the previous weekend (26 September, October delivery). HH continued generally its upward trend, shifting to the November delivery ahead of winter, robust demand for gas-fired power generation and feed gas supplies to liquefied natural gas terminals.
The EIA Weekly Natural Gas Storage Report released on 2 October showed U.S. natural gas inventories as of 26 September at 3,561 Bcf, up 53 Bcf from the previous week, up 0.6% from the same period last year, and 5.0% increase over the five-year average.
Updated: October 6
Source: JOGMEC
