The Northeast Asian assessed spot LNG price JKM for the previous week (4 July-8 July) rose to USD 44/MBtu on 5 July from USD 41/MBtu the previous week, supported by rising temperatures in Japan and Korea due to a heat wave, but fell to USD 39/MBtu on 6 July as market sentiment turned bearish due to weaker demand in Asia and the end of a strike in Norway.
JKM showed price movements in tandem with European gas prices on 7 July and 8 July, at USD 43/MBtu and USD 42/MBtu, respectively.
The European gas price TTF rose to USD 50.4/MBtu on 5 July from USD 45.1/MBtu the previous week on supply concerns due to expanded strike plans at offshore oil and natural gas sites in Norway.
TTF then rose to USD 54.9/MBtu on 7 July, but fell to USD 51.1/MBtu on 8 July. The Nord Stream pipeline is scheduled to be shut down from 11 July to 21 July due to annual maintenance, and German authorities warned that supplies may not resume after the maintenance.
The U.S. gas price HH fell to USD 5.5/MBtu on 6 July, down from USD 5.7/MBtu the previous week, reversed to USD 6.3/MBtu on 7 July and fell to USD 6.0/MBtu on 8 July.
According to the U.S. Energy Information Administration, the U.S. gas storage as of 1 July was 2.311 Bcf, up 60 Bcf from the previous week, 261 Bcf below the year-ago level and 322 Bcf below the five-year average.
Updated 11 July 2022
Source: JOGMEC
