Natural Gas Prices Weekly Update – JKM, TTF and Henry Hub (27 April 2026)

Key Takeaways

• JKM rose to low‑$17/MBtu on April 24
• TTF climbed to $15.4/MBtu amid Norway outages
• Henry Hub fell to $2.6/MBtu as inventories grew
• Japan’s LNG stockpiles slipped 0.07 Mt week‑on‑week
• EU gas storage up to 31.2% but below long‑term average

Pulse Analysis

Asian LNG markets remain volatile as geopolitical and operational risks converge. The JKM index rebounded to the low‑$17 per MMBtu level after a brief dip, driven by concerns over a possible labor dispute at Australia’s Ichthys project and the lingering impact of the Strait of Hormuz blockade. Japan’s power‑generation inventories fell slightly, underscoring the region’s reliance on spot imports and the importance of forward‑looking contracts for price stability.

In Europe, the TTF benchmark surged to $15.4 per MMBtu, reflecting a perfect storm of supply constraints. Intermittent outages at Norway’s gas fields reduced available feedstock, while cooler weather and a dip in renewable generation heightened demand for gas‑fired power. Although EU underground storage rose to 31.2% of capacity, it remains well below both the five‑year average and year‑on‑year levels, leaving the market vulnerable to further supply shocks.

Across the Atlantic, the U.S. Henry Hub slipped to $2.6 per MMBtu as the Energy Information Administration reported a 103 Bcf weekly build, pushing inventories 7.4% above the prior year. Seasonal temperature forecasts initially lifted demand, but the market quickly absorbed the excess supply, highlighting the flexibility of the U.S. gas system. The divergent regional trends suggest that while North America enjoys a cushion of ample storage, Asian and European markets may see tighter fundamentals, influencing LNG cargo allocations and price differentials in the coming months.