The Northeast Asian assessed spot LNG price JKM for the previous week (12 February – 16 February) decreased to high-USD 8s on 16 February from low-USD 9s the previous week. JKM fell due to sufficient supply and high inventory. METI announced on 14 February that Japan’s LNG inventories for power generation as of 11 February stood at 2.06 million tonnes, down 0.23 million tonnes from the previous week.
The European gas price TTF decreased to USD 7.8/MBtu on 16 February from USD 8.6/MBtu the previous week. TTF fell due to weak demand and high inventory. According to AGSI+, the EU-wide underground gas storage declined to 65.5% as of 16 February from 67.2% the previous week.
The U.S. gas price HH fell to USD 1.6/MBtu on 16 February from USD 1.8/MBtu the previous week. HH fell due to mild temperature and higher gas production. The EIA Weekly Natural Gas Storage Report released on 15 February showed U.S. natural gas inventories as of 9 February at 2,535 Bcf, down 49 Bcf from the previous week, up 11.2% from the same period last year, and 15.9% increase over the five-year average.
Updated: 19 February 2024
Source: JOGMEC
