The Northeast Asian assessed spot LNG price JKM for the previous week (8 April – 12 April) increased to mid-USD 10s on 12 April from mid-USD 9s the previous weekend.
The price trended upper on the back of buying interest toward June and rising geopolitical tensions by Russian attacks on Ukrainian storage sites 11 April. METI announced on 10 April that Japan’s LNG inventories for power generation as of 7 April stood at 1.60 million tonnes, up 0.12 million tonnes from the previous week.
The European gas price TTF increased to USD 9.6/MBtu on 12 April from USD 8.5/MBtu the previous weekend. The price trended lower due to bearish fundamentals at the start of the week, but surged weekend amid escalating tensions between Russia and Ukraine and Middle East geopolitical concerns.
According to AGSI+, the EU-wide underground gas storage increased to 61.4% as of 12 April from 59.7% the previous week.
The U.S. gas price HH remained unchanged at USD 1.8/MBtu on 12 April from USD 1.8/MBtu the previous weekend.
HH stabilized at low levels due to low demand and high inventories. The EIA Weekly Natural Gas Storage Report released on 11 April showed U.S. natural gas inventories as of 5 April at 2,283 Bcf, up 24 Bcf from the previous week, up 23.5% from the same period last year, and 38.4% increase over the five-year average.
Updated: 15 April 2024
Source: JOGMEC
