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JKM Maintains Discount to TTF


JKM follows TTF lower as the EU maintains efforts to calm European energy markets.

  • Despite the falling TTF price the JKM discount has maintained between -5$/mmbtu and -13$/mmbtu throughout September so far. The spreads should favour strong LNG imports into Europe.
  • LNG imports into NW Europe have recovered back to near 200mcm/d after a dip down to 170mcm/d with outages reducing terminal capacity. The Zeebrugge LNG was shutdown until Sep 17 and Montoir has reduced capacity until Sep 30.
  • JKM spot prices were steady today around 40$/mmbtu while the front month is lower at 40.7$/mmbtu.
  • US netbacks are still firmly in favour of flows to Europe over Asia throughout the coming winter months.
    • TTF OCT 22 up 1% at 184€/MWh
    • JKM Oct 22 down -3.4% at 40.74$/mmbtu
    • JKM-TTF Oct 22 down -3.6$/mmbtu at -12.94$/mmbtu

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