The Northeast Asian assessed spot LNG price JKM (October delivery) for last week (9 – 13 September) was almost unchanged at mid-USD 13s on 13 September from mid-USD 13s the previous weekend (6 September). JKM fell to a five-week low of mis-USD 12s on 12 September due to general declines in TTF and oil prices.
Then, the price rebounded on 13 September due to rising of demand in Northeast Asia. METI announced on 11 September that Japan’s LNG inventories for power generation as of 8 September stood at 2.09 million tonnes, up 0.26 million tonnes from the previous week.
The European gas price TTF (October delivery) for last week (9 – 13 September) fell to USD 11.6/MBtu on 13 September from USD 11.9/MBtu the previous weekend (6 September). TTF fell to USD 11.2/MBtu on 10 September due to weak demand.
Then, the price rose due to the condition of maintenances in Norway and forecast of low temperatures. But it hovered around mid-USD 11s with unchanged fundamentals after that. According to AGSI+, the EU-wide underground gas storage increased to 93.3% as of 13 September from 92.8% the previous weekend.
The U.S. gas price HH (October delivery) for last week (9 – 13 September) was almost unchanged at USD 2.3/MBtu on 13 September from USD 2.3/MBtu the previous weekend (6 September). The EIA Weekly Natural Gas Storage Report released on 12 September showed U.S. natural gas inventories as of 6 September at 3,387 Bcf, up 40 Bcf from the previous week, up 6.2% from the same period last year, and 9.6% increase over the five-year average.
Updated: September 17
Source: JOGMEC
