Higher TTF prices have pushed the JKM-TTF spread back out to -19.75$/mmbtu.

• Despite JKM reaching a record weekly average last week prices still come in well below the European benchmark gas price. JKM is still at approximately the same level as the 42.5$/mmbtu weekly record while TTF has pushed back above 200€/MWh.
• The US LNG netback to Europe is up as high as 49.87$/mmbtu while the netback to Asia is 32.05$/mmbtu for September.
• LNG net imports into Europe are still up near 190mcm/d compared to 5-year average levels of below 60mcm/d.
• 53 cargoes arrived in to NW Europe in July compared to 51.5 in June and 19 in July 2021.
• The forward curve shows TTF trading above JKM until the end of 2023.

Source: Bloomberg