The Northeast Asian assessed spot LNG price JKM for the previous week (4 – 8 September) fell from the high USD 13s of the previous week to the high USD 12s on 7 September amid market participants’ expectation that supply risks from Australia would ease in the future and that inventory levels would remain comfortable.
The following day, 8 September, JKM rose to the low USD 13s due to the start of strikes at Wheatstone and Gorgon in Australia. METI announced on 6 September that Japan’s LNG inventories for power generation totaled 1.73 million tonnes as of 3 September, up 0.28 million tonnes from the previous week.
The European gas price TTF fell from USD 11.3/MBtu the previous week to USD 10.3/MBtu on 7 September as supply uncertainty due to strikes at Wheatstone and Gorgon in Australia added upward pressure, but the announcement of the strike extension raised expectations for a last-minute agreement to be reached in the market.
The following day, on 8 September, the price rose to USD 10.8/MBtu following strikes at Wheatstone and Gorgon in Australia, as well as an abrupt extension of maintenance at the Norwegian offshore gas field.
ACER published the 8 September spot LNG assessment price for delivery to the EU at EUR 32.5/MWh (equivalent to USD 10.2/MBtu). According to AGSI+, the European underground gas storage rate as of 8 September was 93.6%, up from 92.9% the previous week.
The U.S. gas price HH fell to USD 2.6/MBtu on 8 September from USD 2.8/MBtu the previous week. According to the EIA Weekly Natural Gas Storage Report released on 7 September, the U.S. natural gas underground storage on 1 September was 3,148 Bcf, up 33 Bcf from the previous week, up 17.2% from the same period last year, and up 7.6% from the average of the past five years.
Updated: September 11
Source: JOGMEC
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