A round-up of news and comments from NGI’s LNG Insight
- Typhoon In-fa roamed Japan’s southern islands on Friday before it landed in Zhejiang, China on Sunday or Monday. Bloomberg reported that the gas distributor ENN Group Co. Ltd. had to suspend LNG truck deliveries from its terminal in Zhoushan on Friday due to the approaching typhoon. Japan-Korea marker prices soared above USD 14.00 / MMBtu on Wednesday and continued to hold above that level on Friday due to supply concerns.
- European natural gas prices fell on Friday, but increased week by week. Nord Stream 1, which has been out of service since July 13, has started flowing again, alleviating some supply bottlenecks on the continent.
- Henry Hub’s spot prices averaged $ 3.26 / MMBtu in June, the highest price in a summer month since 2014, according to the Energy information management. July prices so far have risen to an average of $ 3.67 / MMBtu. The EIA found that spot prices dropped on July 14 for each of 175 North American pricing hubs operated by NGI exceeded USD 3.00 / MMBtu.
- Tighter supply and demand balances, driven by pipeline and LNG exports, as well as higher gas consumption for electricity have pushed prices up. June 2021 was the hottest June on record, according to the US National Oceanic and Atmospheric Administration.
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