The Northeast Asian assessed spot LNG price JKM for last week (29 July – 2 August) rose to high-USD 12s on 2 August from low-USD 12s the previous weekend (26 July). After five straight sessions of price gains through 29 July, JKM fell on 30 July due to decline in appetite in major Asian LNG consuming countries.
However, JKM rose again after that due to forecast of high temperature and rising tensions in Middle East, in the period of preparing for procurements in winter season. METI announced on 31 July that Japan’s LNG inventories for power generation as of 28 July stood at 2.15 million tonnes, down 0.20 million tonnes from the previous week.
The European gas price TTF for last week (29 July – 2 August) rose to USD 11.6/MBtu on 2 August from USD 10.3/MBtu the previous weekend (26 July). Despite stable supply from Norway, TTF rose more than one USD from the previous weekend due to continuous high temperature in Europe and rising tensions in Middle East. According to AGSI+, the EU-wide underground gas storage increased to 85.5% as of 2 August from 83.9% the previous weekend.
The U.S. gas price HH for last week (29 July – 2 August) remained almost unchanged at USD 2.0/MBtu on 2 August from USD 2.0/MBtu the previous weekend (26 July). According to EIA, U.S. natural gas demand and supply was generally balanced from 25 July to 31 July.
During that period, supply was up 1.1% to 109.2Bcf and demand was up 1.5% to 101.7Bcf from previous week (18 July – 24 July). The EIA Weekly Natural Gas Storage Report released on 1 August showed U.S. natural gas inventories as of 26 July at 3,249 Bcf, up 18 Bcf from the previous week, up 8.4% from the same period last year, and 15.7% increase over the five-year average.
Updated: August 5
Source: JOGMEC
Online platform for sharing analysis and information on Global and regional LNG markets. Weekly newsletter each Wednesday more info
Sign up to receive our weekly newsletter with new LNG market reports, presentations & analysis. Every Wednesday!
By signing up, I agree to our TOS and Privacy Policy.
© 2020 GlobalLngHub | All Rights Reserved
