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LNG
Asian spot LNG prices remained flat this week as demand remains muted amid high inventories and despite warm weather in the region.
- The average LNG price for August delivery into north-east Asia reached a low of around 9$/mmbtu in early June before recovering to a high of 13.50$/mmbtu amid surging European prices before easing back to around 12$/mmbtu.
- "Demand in northeast Asia for additional spot purchases remains limited, with few buyers in the region looking to top up their late summer, instead starting to eye demand for the coming winter," said Samuel Good from Argus.
- Although near term demand has been limited, Asian buyers have locked in long term deals with Qatar and US to secure LNG supplies from the second half of the decade as more projects are due to come online.
- The JKM-TTF front month spread is holding in positive territory despite the rising TTF prices today although has eased back from a high of over +2$/mmbtu on 24 June back to +0.4$/mmbtu.
- TTF AUG 23 up 5.7% at 37.34€/MWh
- NBP AUG 23 up 5.2% at 91.87p/th
- JKM Jul 23 up 0.2% at 12.11$/mmbtu
- JKM-TTF Jul 23 down -0.7$/mmbtu at 0.36$/mmbtu
- US Natgas AUG 23 down -0.3% at 2.69$/mmbtu
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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