The Northeast Asian assessed spot LNG price JKM (July delivery) for last week (9 June – 13 June) rose to mid-USD 13s/MBtu on 13 June from high-USD 12s/MBtu the previous weekend (6 June). JKM fell to low-USD 12s/MBtu in the first half of the week due to weak demand in Asia, but rose to high-USD 12s/MBtu on 12 June due to rising summer demand.
It then soared to mid-USD 13s/MBtu on 13 June due to rising geopolitical tensions following Israel’s attack on Iran. METI announced on 11 June that Japan’s LNG inventories for power generation as of 8 June stood at 2.34 million tonnes, up 0.09 million tonnes from the previous week.
The European gas price TTF (July delivery) for last week (9 June – 13 June) rose to USD 12.8/MBtu on 13 June from USD 12.1/MBtu the previous weekend (6 June). TTF fell to mid-USD 11s/MBtu in the first half of the week due to stable supplies and rising temperatures, but rose to low-USD 12s/MBtu on 12 June due to reduced gas supplies from Norway and reduced renewable energy generation.
It then rose even more to USD 12.8/MBtu on 13 June following unplanned maintenance in Norway and Israeli air strikes on Iran. According to AGSI+, the EU-wide underground gas storage was 53.0% on 13 June, up from 50.5% the previous weekend, down 27.1% from the same period last year, and down 15.7% over the five-year average.
The U.S. gas price HH (July delivery) for last week (9 June – 13 June) rose to USD 3.6/MBtu on 13 June from USD 3.8/MBtu the previous weekend (6 June). HH continued to decline due to high storage rates and mild weather in the short term, but rose to USD 3.6/MBtu on 13 June due to forecasts of high temperatures in late June and rising geopolitical tensions in the Middle East.
The EIA Weekly Natural Gas Storage Report released on 12 June showed U.S. natural gas inventories as of 6 June at 2,707 Bcf, up 109 Bcf from the previous week, down 8.6% from the same period last year, and 5.4% increase over the five-year average.
Updated: June 16
Source: JOGMEC
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