The Northeast Asian assessed spot LNG price JKM for the previous week (13 June-17 June) fell to USD 23/MBtu on 13 June from USD 24/MBtu the previous week, then rose to USD 29/MBtu on 15 June after Freeport LNG announced on 14 June that the plant would resume full operations in late 2022.
On 16 June, the price reached USD 39/MBtu, further affected by higher gas prices in Europe, and remained high at USD 38/MBtu on 17 June, although it declined slightly.
The European gas price TTF dropped to USD 25.1/MBtu on 13 June from USD 25.6/MBtu the previous week, but rose to USD 37.3/MBtu on 16 June due to lower gas supply to the Nord Stream pipeline, compounded by lower LNG supply from the U.S.
On 17 June the price was USD 34.7/MBtu, heading for a correction amid some buying interests.
The U.S. gas price HH fell to USD 8.6/MBtu on 13 June from USD 8.9/MBtu the previous week on expectations that 2 bcf/d of feed gas to Freeport LNG would remain in the domestic market.
The price fell further to USD 7.2/MBtu on 14 June Freeport updates, but later reversed to USD 7.5/MBtu on 16 June due to rising temperatures in the U.S. and increased demand for gas-fired power, but fell to USD 6.9/MBtu on 17 June.
Updated 20 June 2022
Source: JOGMEC
