The Northeast Asian assessed spot LNG price JKM for the previous week (9 May-13 May) fell to USD 19/MBtu by the 10th from USD 23/MBtu the previous week, then rebounded to USD 23/MBtu on 12 May, fueled by higher European gas prices, before settling at USD 21/MBtu on 13 May.
The European gas price TTF was slightly down from USD 28.8/MBtu the previous week, but briefly rose to USD 30/MBtu on 10 May after Ukraine’s state-owned gas supplier GTSOU declared force majeure on Russian gas shipments entering Ukraine’s pipeline network at Sokranivka.
On 12 May, Gazprom announced that it would stop supplying the Yamal gas pipeline via Poland, and the price rose again, briefly reaching USD 32.0/MBtu, but settled at USD 27.5/MBtu on 13 May on firm European inventory builds and UK wind power generation.
The U.S. gas price HH fell to USD 7.0/MBtu on 9 May from USD 8.0/MBtu the previous week, but rose to USD 7.7/MBtu on 13 May as summer natural gas production was expected to be lower than demand, which could put pressure on storage.
(Updated 16 May, 2022)
Source: JOGMEC
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