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JKM Surges but Still Below TTF

LNG

JKM pushing back towards last week’s high as Japan try to replenish gas stocks ahead of the winter.

  • Spot JKM surged 9% to 50.63$/mmbtu yesterday, the highest since Jul 27, according to S&P Global while Sep JKM is near the peak reached last week at 45.3$/mmbtu.
  • Competition for spot cargoes remains strong with both Europe and Asia trying to fill storage ahead of winter and with ongoing supply disruptions from Russia to Europe. The two largest LNG importing companies in Asia, Korea Gas Corp. and Japan’s Jera Co., are reportedly both in the process of buying more cargoes for winter.
  • Despite the high JKM prices the discount to TTF for Sep remains at around -16.7$/mmbtu today with the US netback still strongly encouraging flows to Europe over Asia, 52.53$/mmbtu vs 34.5$/mmbtu. LNG net imports to NW Europe are slightly lower at 186mcm/d but are still nearly four times greater than seasonal normal levels.
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