Investing.com -- European gas storage reached 62% capacity as of August 18, falling below the 74% level recorded a year earlier and the five-year average of 79%, according to UBS.

Net injections into EU gas storage increased to 2.1 billion cubic meters from 1.7 billion cubic meters the previous week. This remained below last year's 2.2 billion cubic meters and the seasonal norm of 2.3 billion cubic meters.

The TTF gas price moved into the mid-€60 per megawatt-hour range, while Japan-Korea Marker prices traded in the low-$20s per million British thermal units. Headlines regarding the Strait of Hormuz continued to influence gas prices, with hot weather and low EU inventories providing support to the fundamental backdrop.

The European Commission stated it has no immediate concern regarding natural gas supply. Sources indicated the EU aims to fill gas storage to 80% capacity by winter.

Asian LNG arrivals decreased 15% week-over-week in the week ending August 15, remaining 6% lower year-over-year. Asia accounted for 41% of US LNG cargo destinations, down 2% from the previous week.

US exports to Asia increased 13% week-over-week and rose 153% year-over-year on a weekly basis. US flows to Europe increased 21% week-over-week and 11% year-over-year.

EU LNG arrivals increased 11% week-over-week but decreased 9% year-over-year, according to UBS Evidence Lab data. The current injection rate would leave inventories at approximately 72%, below the previous decade low of 77%.

US natural gas storage increased by 16 billion cubic feet, below the 19 billion cubic feet consensus estimate. Inventories stood at 3,169 billion cubic feet, or 74% full as of August 14, standing 6% above the five-year average.

In Japan, LNG stocks held by utilities increased to 3.1 billion cubic meters from 2.8 billion cubic meters the previous week, according to METI data.