Natural Gas Prices Weekly Update – JKM, TTF and Henry Hub (18 May 2026)

Key Takeaways

• JKM reaches mid‑$18/MMBtu on Asian demand surge
• TTF rises to $17.1/MMBtu amid cold weather and low wind
• Henry Hub climbs to $2.96/MMBtu as storage injections lag
• EU gas storage sits at 36.1%—well below last year’s level
• U.S. inventories up 85 Bcf but still below five‑year average

Pulse Analysis

The latest weekly data reveal a converging set of pressures that are pushing natural‑gas prices higher across all major regions. In Asia, the JKM benchmark surged to the mid‑$18 per MMBtu mark as spot buyers in South Asia and China scrambled for cargoes amid technical glitches at Freeport LNG and a looming strike at Australia’s Ichthys facility. Japan’s power‑generation inventories slipped slightly, highlighting the fragility of supply buffers in a market already strained by geopolitical tensions in the Middle East.

Europe’s TTF price jumped to $17.1 per MMBtu, reflecting a perfect storm of colder-than‑expected temperatures, reduced wind‑generated electricity, and extensive summer maintenance on Norway’s gas infrastructure. Storage levels, at 36.1% of capacity, remain well under the 34.7% recorded a week earlier and far below the five‑year average, tightening the market further. These dynamics are prompting European utilities to hedge more aggressively, which could sustain price momentum into the summer heating season.

In the United States, Henry Hub edged up to $2.96 per MMBtu, a modest rise that masks underlying supply tightness. While the EIA reported a 2.3% year‑over‑year increase in inventories, the total of 2,290 Bcf still trails the five‑year average by 6.5%, and injection rates fell short of forecasts. Anticipated heat waves in the second half of May are likely to boost demand for power‑generation gas, keeping upward pressure on prices. Together, these regional trends underscore how weather variability, infrastructure constraints, and geopolitical risk are reshaping the global gas market.