The Northeast Asian assessed spot LNG price JKM for the previous week (26-30 September) fell to USD 35/MBtu on 26 September from USD 38/MBtu the previous week due in part to weak prompt cargo demand and healthy stock for peak winter demand in Northeast Asia.
It then rose to USD 40/MBtu on 28 September, fueled by stronger buy bids and rising TTF, but fell to USD 38/MBtu on 29 September as TTF fell. On 30 September, the price fell further to USD 37/MBtu due to weak November demand in the Asian region and additional offers to sell.
Meanwhile, according to a 28 September METI release, LNG inventories for power generation were at 2.69 million tonnes as of 25 September, up 230 thousand tonnes from the end of the same month last year and up 750 thousand tonnes from the average of the past five years.
The European gas price TTF weakened to USD 47.5/MBtu on 26 September from USD 49.0/MBtu the previous week due to oversupply of LNG cargoes as well as limited regasification capacity in the region.
The price subsequently rose to USD 56.6/MBtu on 28 September amid supply concerns raised by the detection of three gas leaks in Nord Stream and Nord Stream 2, but fell to USD 52.7/MBtu on 29 September due to the move to cap gas prices in Europe.
On 30 September, prices fell further to USD 46.0/MBtu amid high storage, oversupply of LNG, and lower gas demand. On 29 September, the Swedish Coast Guard announced the discovery of a new leak in Nord Stream 2.
This brings the total number of confirmed leaks to four, two in Swedish waters and two in Danish waters.
The U.S. gas price HH increased slightly to USD 6.9/MBtu on 26 September from USD 6.8/MBtu the previous week, declined to slightly to USD 6.7/MBtu on 27 September. It rose again to USD 6.9/MBtu on 28 and 29 September, and declined slightly again to USD 6.8/MBtu on 30 September.
According to the EIA Weekly Natural Gas Underground Storage on 29 September totaled 2,977 Bcf, up 103 Bcf from the previous week, but still low, down 5.7% from the same period last year and down 9.3% from the five-year average.
Updated 03 October 2022