The Northeast Asian assessed spot LNG price JKM for last week (20 May – 24 May) increased to low-USD 12s on 24 May from low-USD 11s the previous weekend (17 May).
The price rose to USD 12s due to increased demand in Asia for the summer season and increased electricity demand due to the heat wave in India, as well as supply uncertainties such as troubles at Gorgon PJ.
METI announced on 22 May that Japan’s LNG inventories for power generation as of 19 May stood at 2.26 million tonnes, up 0.14 million tonnes from the previous week.
The European gas price TTF for last week increased to USD 10.8/MBtu on 24 May from USD 9.8/MBtu the previous weekend (17 May).
The price rose to the low-USD 11s on the 23 May due to the upward trend was driven by high demand in the Asian region and supply risks, including maintenance of Norwegian gas production facilities and concerns over the possible shutdown of Russian pipeline gas by Austria-OMV.
According to AGSI+, the EU-wide underground gas storage increased to 68.2% as of 24 May from 66.5% the previous weekend.
The U.S. gas price HH for this week slightly decreased to USD 2.5/MBtu on 24 May from USD 2.6/MBtu the previous weekend.
The EIA Weekly Natural Gas Storage Report released on 23 May showed U.S. natural gas inventories as of 17 May at 2,711 Bcf, up 78 Bcf from the previous week, up 17.4% from the same period last year, and 28.8% increase over the five-year average.
Updated: May 27
Source: JOGMEC
