The Northeast Asian assessed spot LNG price JKM for last week (14 October – 18 October) fell to low-USD 13s on 18 October (December delivery) from mid-USD 13s the previous weekend (November delivery, 11 October).
In the middle of the week, the price rose temporarily due to the colder weather than expected and geopolitical risk. But generally, it was small price movement on the ground of high price and solid supply throughout of the week.
METI announced on 16 October that Japan’s LNG inventories for power generation as of 13 October stood at 2.08 million tonnes, up 0.06 million tonnes from the previous week.
The European gas price TTF (November delivery) for last week (14 October – 18 October) fell to USD 12.5/MBtu on 18 October from USD 12.8/MBtu the previous weekend (11 October).
Due to warmer weather, high inventories and low demand, sporadic declines with Norwegian gas supplies have not had a significant impact on prices. According to AGSI+, the EU-wide underground gas storage increased to 95.1% as of 18 October from 94.9% the previous weekend. On 14 October, the storage rate fell for the second time after this summer.
The U.S. gas price HH (November delivery) for last week (14 October – 18 October) fell to USD 2.3/MBtu on 11 October from USD 2.6/MBtu the previous weekend (11 October).
Power outages caused by Hurricane Milton cut demand for gas-fired power generation. Above-average temperatures in Texas and large part of the Midwest through the end of October is expected.
The EIA Weekly Natural Gas Storage Report released on 17 October showed U.S. natural gas inventories as of 11 October at 3,705 Bcf, up 76 Bcf from the previous week, up 3.0% from the same period last year, and 4.6% increase over the five-year average.
Updated: October 21
Source: JOGMEC
