The Northeast Asian assessed spot LNG price JKM for the previous week (26 June – 30 June) rose to the low USD12s on 26 June from the late USD11s the previous week.
The next day, JKM fell to late USD 11s on the back of high LNG inventories and weak demand, but the following day JKM rose to USD 12/MBtu on buying interest in Southeast Asia and Europe.
On 30 June, JKM fell to the late USD 11s after the previous day’s holiday. According to a 28 June METI release, Japan’s LNG inventories for power generation totaled 2.23 million tonnes as of 25 June, down 0.14 million tonnes from the previous week, up 0.09 million tonnes from the end of the same month of last year and up 0.28 million tonnes from the average of the past five years.
The European gas price TTF fell slightly to USD 10.2/MBtu on 26 June from USD 10.4/MBtu the previous week due to sluggish activity in the European market.
The price then rose to USD 11.1/MBtu on 27 June as bullish sentiment continued due to a shortage of spare cargoes for spot trading in the Atlantic, but fell to USD 10.9/MBtu the next day as market anxiety eased due to increasing European underground gas storage.
On 29 June, TTF rose to USD 11.1/MBtu as the market remained quiet as it assessed storage trends in the third quarter and beyond, and it rose again the following day on 30 June to USD 11.5/MBtu.
ACER published the 30 June spot LNG assessment price for delivery in the EU at EUR 33.0/MWh (equivalent to USD 10.5/MBtu). According to AGSI+, the European underground gas storage rate as of 30 June was 77.3%, up from 75.5% the previous week.
The U.S. gas price HH fluctuated slightly from USD 2.7/MBtu the previous week to USD 2.8/MBtu on 30 June. According to the EIA Weekly Natural Gas Storage Report released on 29 June, the U.S. natural gas underground storage on 23 June was 2,805Bcf, up 76Bcf from the previous week, up 25.3% from the same period last year, and up 14.6% from the historical five-year average.
Updated 3 July 2023