The Northeast Asian assessed spot LNG price JKM for the previous week (16 – 20 October) rose from the high USD 16s the previous week to high USD 18s on 20 October due to concerns over the escalating conflict between Israel and Hamas and a strike in Australia reemerged, although demand is weak.
METI announced on 18 October that Japan’s LNG inventories for power generation totaled 2.16 million tonnes as of 15 October, up 0.29 million tonnes from the previous week.
The European gas price TTF fell to USD 15.9/MBtu on 20 October from USD 16.7/MBtu the previous week despite conflicts in the Middle East and the shutdown of the Baltic-Connector pipeline, as fundamentals remained stable due to high inventories and mild weather.
According to AGSI+, the European underground gas storage rate as of 20 October was 98.3%, up from 97.7% the previous week.
The U.S. gas price HH fell for the fifth consecutive business day to USD 2.9/MBtu on 20 October from USD 3.2/MBtu the previous week.
According to the EIA Weekly Natural Gas Storage Report released on 19 October, the U.S. natural gas underground storage on 13 October was 3,66 Bcf, up 97 Bcf from the previous week, up 9.0% from the same period last year, and up 5.1% from the average of the past five years.
Updated 23 October 2023