The Northeast Asian assessed spot LNG price JKM for the previous week (5 June – 9 June) rose from the high USD 8s the previous week（1 June) to the low USD 9s on 6 June due to buying interest from China and India.
On 7 June, the price hit a two-year low in the low USD 8s because of high inventories, weak demand, and ample supply, but rose to the high USD 9s on 9 June as a result of an increase in buying activities from Southeast and South Asia.
According to METI, Japan’s LNG inventories for power generation totaled 2.39 million tonnes as of 4 June, down 0.09 million tonnes from the previous week, up 0.25 million tonnes from the end of the same month of last year and up 0.44 million tonnes from the average of the past five years.
The European gas price TTF rose to USD 8.9/MBtu on 5 June from USD 7.5/MBtu the previous week on the back of maintenance of multiple Norwegian gas fields and Hammerfest LNG (4.8MTPA) shutdown.
TTF then fell to USD 7.8/MBtu on 6 June but rose USD 10.1/MBtu by a delay in the restart of operations at Hammerfest LNG, the extension of scheduled maintenance at gas facilities (Oseberg and Norne).
The Restart of Hammerfest LNG operation was extended until 14 June. ACER published the 9 June spot LNG assessment price for delivery in the EU at EUR 27.8/MWh (equivalent to USD 8.8/MBtu).
According to AGSI+, the European underground gas storage rate as of 9 June was 71.5%, up from 69.6% the previous week.
The U.S. gas price HH rose to USD 2.3/MBtu on 2 June after a slight fluctuation from USD 2.2/MBtu the previous week and has been on an upward trend in anticipation of increased summer demand.
According to the EIA Weekly Natural Gas Storage Report released on 8 June, the U.S. natural gas underground storage on 2 June was 2,550 Bcf, up 104 Bcf from the previous week, up 28.3% from the same period last year, and up 16.1% from the historical five-year average.
Updated 12 June 2023
Source: JOGMEC
