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Asian LNG Prices Higher Amid Volatile TTF Trading

NATURAL GAS

TTF volatility continues as front month swings between a low of 36.17€/MWh early this morning to a high of 40€/MWh before falling back lower again.

  • Cooler temperatures for next week should ease cooling demand in Europe after the hot weather this week while LNG supplies remain strong as demand from Asia remains muted.
  • The JKM-TTF spread is back trading near the highest since 7 June with the US netbacks to Europe just at a slight premium compared to the netbacks to Asia throughout the summer months. The profitability of US LNG exports to Europe for August was estimated at 9.14$/mmbtu and to Asia at 8.97$/mmbtu according to Bloomberg before the TTF open today.
  • Asian spot LNG prices have followed the TTF trend higher in the last week with Petronet buying two cargoes on a DES basis for Aug to Oct delivery in the 10$-12$/mmbtu range according to Bloomberg. Front month JKM has risen from around 9.25$/mmbtu last week to 12.74$/mmbtu today.
  • TTF JUL 23 down -4.4% at 37€/MWh
  • NBP JUL 23 down -3.5% at 93.12p/th
  • JKM Jul 23 up 5.6% at 12.74$/mmbtu
  • JKM-TTF Jul 23 up 0.6$/mmbtu at 0.69$/mmbtu
  • US Natgas JUL 23 up 0.6% at 2.51$/mmbtu
Energy BulletsCommodities
Energy BulletsCommodities

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