The Northeast Asian assessed spot LNG price JKM for the previous week (4 December – 8 December) fell to high USD 14s on 8 December due to continued weak demand, ample supply and high inventory levels from high USD 15s the previous week.
METI announced on 6 December that Japan’s LNG inventories for power generation as of 3 December stood at 2.19 million tons, down 0.16 million tonnes from the previous week, down 0.36 million tonnes from the end of November of last year and up 0.07 million tonnes from the average of the past five years.
The European gas price TTF fell to USD 12.2/MBtu on 8 December on the back of healthy inventory levels and a stable supply-demand balance from USD 13.9/MBtu the previous week.
According to AGSI+, the EU-wide underground gas storage rate declined to 91.3% as of 8 December from 94.8% the previous week.
The U.S. gas price HH fell slightly to USD 2.6/MBtu on 8 December from USD 2.8/MBtu the previous week.
The EIA Weekly Natural Gas Storage Report released on 7 December showed U.S. natural gas inventories as of 1 December at 3,719 Bcf, down 117 Bcf from the previous week and up 7.3% from the same period last year. This was an 6.7% increase over the five-year average.
Updated: December 11