Natural Gas Prices Weekly Update – JKM, TTF and Henry Hub (30 March 2026)

Key Takeaways

• JKM peaked $22/MBtu amid Iran tension.
• TTF slipped to $18.3/MBtu, storage low 28%.
• Henry Hub held $3.1/MBtu despite US inventory drop.
• Australian LNG outages added upward pressure on Asian prices.
• EU gas storage down 16% YoY, tighter market.

Summary

Last week natural‑gas prices diverged across regions. In Asia, the JKM spot index jumped to $20 /MBtu, spiking into the high‑$22s amid renewed Iran‑related geopolitical risk and unplanned Australian LNG outages. Europe’s TTF fell to $18.3 /MBtu as Norwegian deliveries rose and storage slipped to 28.2% of capacity. In the United States, Henry Hub held steady at $3.1 /MBtu despite a 54 Bcf draw in inventories and mixed demand signals.

Pulse Analysis

Asian gas markets remain highly sensitive to geopolitical developments. The JKM index’s volatility this week reflected two opposing forces: a brief surge to the high‑$22s when President Trump hinted at possible strikes on Iranian power infrastructure, followed by a pull‑back as the attack was postponed. Compounding the price swing, a cyclone‑induced shutdown of several Australian LNG plants throttled supply, nudging the index back into the mid‑$20s. Japan’s modest inventory build—up 0.09 million tonnes—offers limited cushion, underscoring the region’s reliance on spot market dynamics for power generation.

In Europe, the TTF price trend was dominated by supply‑side fundamentals rather than geopolitical risk alone. Increased Norwegian gas flows and a modest rebound in wind generation helped push the price down to $18.3 /MBtu, the lowest level since early March. Yet storage levels remain tight, with EU underground capacity at 28.2%, down 16.4% year‑over‑year and 30.5% below the five‑year average. This scarcity could pressure European utilities as winter approaches, especially if colder weather or reduced renewable output re‑emerges, potentially reigniting price volatility.

The United States saw Henry Hub remain flat at $3.1 /MBtu, reflecting a balance between easing Middle‑East tensions and robust feed‑gas demand from domestic LNG projects. While inventories fell by 54 Bcf week‑over‑week, they are still 5.2% higher than a year ago, indicating a resilient supply base. Warm weather kept heating demand muted, but the ongoing expansion of U.S. LNG export capacity keeps the market attentive to any supply disruptions abroad. Together, these regional nuances illustrate how intertwined geopolitics, weather, and infrastructure reliability shape the global natural‑gas landscape.