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Gas price Regional Demand vs Global Demand vs JKM: Jan - Aug, 2012


By Javier Diaz in Evergreen, Colorado


Gas price Regional Demand vs Global Demand vs JKM: Jan - Aug, 2012


Key Trends: Gas Price/Demand


  • Global demand met supply during the first three months of the year, with Japanese imports during the first winter after the Fukushima disaster setting all-time records in January and March, supporting JKM spot prices at around $15/MMbtu.

Trends continue below...


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  • Maintenance operations during the shoulder season reduced available supply globally. During that period Asian demand remains strong with Japanese imports still growing year-over-year; and seasonal demand in South America and the Middle East starts to pick up. With global demand surpassing supply in April and May, JKM prices hit a record high of $18.55/MMBtu in May.
  • The JKM price drop after June this summer was mostly caused by a decrease in European demand that left more cargoes available for the spot market, despite Asian demand still being strong. However, Asian buyers were largely being supplied under medium-term contracts after Fukushima, leaving little room for additional spot market imports and allowing spot prices to fall considerably.
  • August has seen Asian demand dropping year-on-year for the first time since Fukushima (with the exception of Japanese demand, which shows a year-on-year increase in August). This has led to spot prices falling further, with JKM recording first year-on-year drop for September deliveries.


Chart: Global LNG Imports: w/e Sep 12, 2012





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