The Northeast Asian assessed spot LNG price JKM for this week (29 April – 3 May) increased slightly to mid-USD 10s on 3 May from low-USD 10s the previous weekend.
The price was below USD 10/MBtu in the first half of the week due to weak demand and high inventories but increased to mid-USD 10s later in the week due to supply concerns from Gorgon LNG’s facility trouble.
No announcement on Japan’s LNG inventories for power generation was made due to the holiday, and the next report is scheduled for 8 May.
The European gas price TTF for this week increased to USD 9.6/MBtu on May 3 from USD 9.1/MBtu the previous weekend.
TTF decreased to USD 8.8/MBtu at the beginning of the week as the previous week’s cold snap subsided but increased to USD 9.6/MBtu on supply concerns due to unplanned maintenance at Norway’s Dvalin gas field and equipment problems at Gorgon LNG, as well as a significant forecast drop in wind power output over the weekend. According to AGSI+, the EU-wide underground gas storage increased to 63.2% as of 3 May from 61.7% the previous week.
The U.S. gas price HH for this week increased to USD 2.1/MBtu on 3 May from USD 1.6/MBtu the previous weekend. HH increased partly due to higher feed gas flows to Freeport LNG, which had been experiencing ongoing facility troubles.
The EIA Weekly Natural Gas Storage Report released on 2 May showed U.S. natural gas inventories as of 26 April at 2,484 Bcf, up 59 Bcf from the previous week, up 21.3% from the same period last year, and 34.9% increase over the five-year average.
Updated: 7 May 2024
Source: JOGMEC
