EU Imports Steady as Both TTF and JKM Fall

LNG imports into NW Europe are steady with net flows around 220mcm/d late last week and total EU imports just below 400mcm/d.

• North Asian LNG spot prices are extending their decline to the lowest since June and now below 30$/mmbtu with increased supplies from Australia in Oct and Nov. The JKM front month price has fallen nearly 19% from about 42.5$/mmbtu at the end of September down to 34.5$/mmbtu. The decline is at a marginally slower rate compared to the fall in European TTF prices and the spread has therefore closed slightly to around -9$/mmbtu.
• The November US netback to Europe is down to 36.23$/mmbtu and to Asia is 25.53$/mmbtu according to Blomberg estimates.
  • TTF NOV 22 down -2.3% at 152.6€/MWh
  • NBP NOV 22 down -5.3% at 270p/th
  • JKM Nov 22 down -3.9% at 34.46$/mmbtu
  • JKM-TTF Nov 22 down 0$/mmbtu at -9.01$/mmbtu
  • US Natgas NOV 22 down -0.9% at 6.69$/mmbtu