The Northeast Asian assessed spot LNG price JKM for the previous week (26 February – 1 March) increased to mid-USD8s on 1 March from around USD8s the previous weekend. JKM increased due to high demand in April.
METI announced on 28 February that Japan’s LNG inventories for power generation as of 25 February stood at 2.16 million tonnes, up 0.07 million tonnes from the previous week.
The European gas price TTF increased to USD 8.2/MBtu on 1 March from USD 7.3/MBtu the previous weekend.
TTF increased due to strong JKM and demand for underground gas storage injection. According to AGSI+, the EU-wide underground gas storage declined to 62.2% as of 1 March from 64.1% the previous week.
The U.S. gas price HH increased to USD 1.8/MBtu on 1 March from USD 1.6/MBtu the previous weekend. HH increased due to lower production forecast.
The EIA Weekly Natural Gas Storage Report released on 29 February showed U.S. natural gas inventories as of 23 February at 2,374 Bcf, down 96 Bcf from the previous week, up 11.7% from the same period last year, and 26.5% increase over the five-year average.
Source: JOGMEC
