Natural Gas Futures

South Korean Minister of Trade, Industry and Energy Kim Jung-kwan said at a press conference on the 1st that the Alaska liquefied natural gas project announced by U.S. President Trump as a South Korean investment in the United States would only proceed on the premise of commercial viability, stressing that Seoul will not invest if profitability cannot be expected, and that this is what the two governments agreed. Kim explained that he expressed regret to U.S. Commerce Secretary Lutnick over premature media reports suggesting the investment had already been decided, and that Lutnick replied that efforts would be made to ensure the project's success. The official statements issued by the two governments note that, regarding the commercial viability requirement, a decision on whether to proceed with the project will be made if conditions under domestic law are satisfied.

President Donald Trump and House Speaker Mike Johnson plan to host leading technology executives at the White House on Tuesday, Sept. 29, for discussions on artificial intelligence safety and potential government oversight. The meeting follows rising concerns from experts about AI's destructive potential without proper guardrails, though Trump has dismissed such warnings as a "hoax" while emphasizing the need for U.S. firms to outpace China in the AI race. Separately, PayPal shares rose 1.2% on renewed acquisition speculation after traders cited a Betaville report indicating an unnamed West Coast technology company may be evaluating an all-stock takeover of the fintech firm, though the PayPal board is said to prefer an all-cash deal; the speculation follows the collapse of talks between a Stripe and Advent consortium, which had considered offering as much as $68 per share in cash but abandoned the pursuit last month after negotiations stalled over a $2 billion breakup fee. U.S. front-month Nymex natural gas futures dropped 5.5% to $3.115/MMBtu on Friday, reversing much of Thursday's 9% surge that followed a force majeure on TC Energy's Mountaineer Xpress pipeline in West Virginia, where the leak had cut firm transportation service by 1.8 Bcf/day, affecting roughly 1.5% of total U.S. Lower-48 gas supply. Short-squeeze risk remains elevated across major bitcoin-linked equities, according to S3 Partners Director of Research Leon Gross, with Strategy, Strive, and Coinbase each showing return correlations above 0.70 with bitcoin while short interest hovers near 10-13% of float for Strategy and Coinbase.

The National Energy Policy Committee, chaired by Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas, approved two key energy measures: guidelines to reduce electricity costs for the September–December 2026 billing period, and the expansion of the solar power generation programme for the public. Energy Minister Ekkanat Promphan said the Energy Regulatory Commission approved a retail Ft tariff of 16.23 satang per unit, with the Electricity Generating Authority of Thailand and PTT Public Company Limited temporarily absorbing accumulated arrears on behalf of the public, and with 16.127 billion baht in retained excess-benefit clawback funds to be used to reduce electricity costs through the Ft tariff. Natural gas commodity prices for power plants supplying the three state electricity utilities will be set at actual prices but capped at an average controlled price estimate of 363.53 baht per million BTU for the September–December 2026 period, with the difference between actual natural gas prices to be collected gradually from the May 2027 cycle onward under the supervision of the Energy Regulatory Commission. On promoting public solar power, the meeting approved expansion of rooftop, ground-mounted and floating installations under a Net Billing model, raising the total power purchase target to 10,000 megawatts, which includes the original 500-megawatt target. The amount of electricity offered for sale is capped at 5 kilowatts per meter, and the purchase rate for surplus electricity is set at 2.20 baht per unit for 20 years. Participants in the existing public solar programme, from the project under the Energy Policy Administration Committee resolution of 24 December 2018 and the National Energy Policy Committee resolution of 24 January 2019 onward, as well as the project under the National Energy Policy Committee resolution of 29 April 2026 under the 500-megawatt target, will also have their power purchase period extended from 10 years to 20 years. The National Energy Policy Committee assigned the Energy Regulatory Commission to issue and amend related regulations, announcements and criteria, and directed the Metropolitan Electricity Authority and the Provincial Electricity Authority to provide up-to-date data on electricity sales and purchases from renewable energy producers to the Electricity Generating Authority of Thailand so it can monitor and manage the power system efficiently and stably.

China's crude oil imports in August rose 6.2% from the previous month to 37.9 million tons, as refineries accelerated efforts to secure alternative supplies and increased imports from Russia to avoid risks in the Strait of Hormuz. Although import volumes were still 23% lower than the same period last year, fuel exports rebounded 29%, helping to ease tensions in the global energy market. Meanwhile, natural gas imports declined due to soaring prices, while coal imports remained high due to the impact of the mining disaster in Shanxi province.

Several Qatari liquefied natural gas (LNG) tankers are heading back toward the Persian Gulf, possibly in preparation for resuming LNG exports through the Strait of Hormuz. According to Bloomberg ship-tracking data, six empty Qatari LNG vessels are in or heading toward the Gulf of Oman, and another empty LNG vessel recently passed through the Strait of Hormuz en route to Qatar. Qatar, which accounted for one-fifth of global LNG supply, has largely halted shipments since attacks on tankers in late July. QatarEnergy has been managing storage capacity by continuing to load empty vessels in the Persian Gulf and maintaining exports to Kuwait, keeping its export facilities running at minimal levels. Amid the ongoing export disruption, 15 vessels loaded with Qatari LNG are currently held up inside the Strait of Hormuz, with two more loading at the Ras Laffan facility. The resumption of exports would ease pressure on Asian and European buyers to secure alternative supplies and would be particularly welcomed by price-sensitive buyers in South Asia.