The Northeast Asian assessed spot LNG price JKM for the previous week (11 – 15 September) rose from the low USD 13s the previous week to the high USD 13s on 11 September amid rising supply uncertainty due to labor disputes at Australian LNG facilities.
The price subsequently fell to the mid USD 12s on 15 September as selling interest increased on the back of robust inventories and supply. METI announced on 13 September that Japan’s LNG inventories for power generation totaled 1.68 million tonnes as of 10 September, up 0.02 million tonnes from the previous week.
The European gas price TTF rose to USD 11.6/MBtu on 13 September from USD 10.8/MBtu the previous week on concerns over supply due to the shutdown of major Norwegian gas fields and the Australian strikes. It then turned lower to USD 11.4/MBtu on 15 September on reports of firm gas storage and supply and the recovery of Australia’s Wheatstone LNG facility from a temporary glitch.
ACER published the 15 September spot LNG assessment price for delivery to the EU at EUR 34.9/MWh (equivalent to USD 10.9/MBtu). According to AGSI+, the European underground gas storage rate as of 15 September was 93.9%, up from 93.6% the previous week.
The U.S. gas price HH moved up and down from USD 2.6/MBtu the previous week before settling at USD 2.6/MBtu on 15 September. According to the EIA Weekly Natural Gas Storage Report released on 14 September, the U.S. natural gas underground storage on 8 September was 3,205 Bcf, up 57 Bcf from the previous week, up 16.1% from the same period last year, and up 6.8% from the average of the past five years.
Updated 19 September 2023