The Northeast Asian assessed spot LNG price JKM (December delivery) for last week (20 – 24 October) fell to low-USD 11s/MBtu on 24 October from mid-USD 11s/MBtu the previous weekend (17 October).
JKM declined to high-USD 10s/MBtu in the first half of the week as signs of winter demand remained weak across East Asia. The price then rose to mid-USD 11s/MBtu toward the middle of the week on the back of accelerating temperature drops in the region but eased slightly to low-USD 11s/MBtu on 24 October as some correction took place after the midweek rise.
METI announced on 22 October that Japan’s LNG inventories for power generation as of 19 October stood at 2.13 million tonnes, up 0.20 million tonnes from the previous week.
The European gas price TTF (November delivery) for last week (20 – 24 October) remained almost unchanged at USD 10.9/MBtu on 24 October from USD 10.9/MBtu the previous weekend (17 October).
With stable fundamentals throughout the week, TTF fluctuated slightly between high-USD 10s and around USD 11/MBtu, supported by forecasts of lower temperatures, stable gas supplies from Norway, and strong renewable power generation.
According to AGSI+, the EU-wide underground gas storage was 82.9% on 24 October, up from 82.8% the previous weekend, down 13.4% from the same period last year, and down 9.1% over the five-year average.
The U.S. gas price HH (November delivery) for last week (20 – 24 October) rose to USD 3.3/MBtu on 24 October from USD 3.0/MBtu the previous weekend (17 October).
HH surged to USD 3.5/MBtu in the first half of the week due to lower temperatures but declined to USD 3.3/MBtu toward the weekend as forecasts indicated a return to milder weather across major regions in early November.
The EIA Weekly Natural Gas Storage Report released on 23 October showed U.S. natural gas inventories as of 17 October at 3,808 Bcf, up 87 Bcf from the previous week, up 0.9% from the same period last year, and 4.5% increase over the five-year average.
Updated: October 27
Source: JOGMEC
