The European gas price TTF fell slightly to USD 14.3/MBtu on the back of stable supplies and healthy underground gas storage levels despite the start of withdrawals from USD 14.4/MBtu the previous week.
TTF then rose to USD 14.9/MBtu on forecasts of lower temperatures in Northwest Europe.
According to AGSI+, the EU-wide underground gas storage rate declined to 97.9% as of 24 November from 99.0% the previous week.
The Northeast Asian assessed spot LNG price JKM fell to low USD 16s on 22 November due to bearish fundamentals from ample supply and high inventory levels from low USD 17s the previous week.
JKM then rose to a high USD 16s on 24 November as the price declines revealed buying interest and cooler temperatures in some regions supported demand.
METI announced on 22 November that Japan’s LNG inventories for power generation as of 19 November stood at 2.49 million tons, up 0.08 million tonnes from the previous week.
The U.S. gas price HH fell slightly to USD 2.9/MBtu on 24 November as firm inventory levels despite forecasts of below-normal temperatures in many areas of the U.S. in early December from USD 3.0/MBtu the previous week.
The EIA Weekly Natural Gas Storage Report released on 22 November showed U.S. natural gas inventories as of 17 November at 3,826 Bcf, down 7 Bcf from the previous week and up 7.0% from the same period last year. This was a 7.0% increase over the five-year average.
Updated 23 November 27, 2023
Source: JOGMEC
