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07 Aug 2024 | 01:14 UTC
Highlights
LNG stocks last lower April 14
Fuel reserve for power expected to reach minimum level Aug 3: OCCTO
Fuel reserve for power next reaching minimum level Aug 12: OCCTO
Japan's LNG stocks held by major utilities fell 10.3% on the week to 1.92 million mt as of Aug. 4, the Ministry of Economy, Trade and Industry said Aug. 7, marking the lowest level in 16 weeks.
The inventory depleted on the back of a smaller volume of LNG received as planned in the week to Aug. 4, coupled with increased fuel consumption as a result of hot weather in the country, a METI official said.
The stocks were last lower at 1.62 million mt as of April 14.
Power generation fuel monitoring for the July 13-Aug. 29 period, conducted by the Organization Cross-Regional Coordination of Transmission Operators, anticipates that the country's fuel reserve under the 30-year-average power demand is slated to drop to the minimum level Aug. 3 at 14.880 TWh, equivalent to a six-day average electricity consumption during the period.
Follow-up fuel monitoring over Aug. 10-Sept. 26 by the OCCTO -- comprising all power companies in Japan -- also expects the country's fuel reserve under the 30-year-average power demand to drop to the minimum level Aug. 12 at 12.832 TWh, equivalent to a six-day average electricity consumption during the period.
The country's power demand, meanwhile, is also slated to slow with the upcoming Obon summer holidays next week.
METI also revised lower July 28 LNG inventory to 2.14 million mt, from 2.15 million mt reported earlier.
LNG stocks at the end of July stood at 1.94 million mt, unchanged from a year earlier but down compared with the five-year average of 2.19 million for end-July.
Spot prices traded on the Japan Electric Power Exchange rebounded for Aug. 8, with the 24-hour day-ahead price rising 3.3% on the day to Yen 15.19/kWh.
Asian LNG prices on Aug. 6 held steady amid unchanged supply-demand fundamentals, with several market sources highlighting subdued demand from end-users across the region.
Platts, part of S&P Global Commodity Insights, assessed September JKM, the benchmark price for LNG cargoes delivered to Northeast Asia, at $12.849/MMBtu on Aug. 6, edging higher by 0.6% on the day.
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