Natural Gas Prices Weekly Update – JKM, TTF and Henry Hub (9 March 2026)

Key Takeaways

• JKM surged above $20/MBtu, highest in three years
• TTF climbed to $18.5/MBtu amid Middle East tensions
• Henry Hub reached $3.2/MBtu, reflecting tighter U.S. supply
• European gas storage fell below 30%, stressing market balance
• U.S. inventories dropped 132 Bcf, yet up YoY

Summary

Natural gas benchmarks jumped sharply in early March as Middle‑East tensions disrupted LNG supplies. The Asian JKM spot price surged to the low‑$20s/MMBtu, while Europe’s TTF rose to $18.1/MMBtu and the U.S. Henry Hub reached $3.2/MMBtu. The spikes were driven by a Qatar air strike, U.S. naval escort announcements, and declining storage levels across Europe and the United States. Inventories fell, with EU underground storage below 30% and U.S. gas stocks down 132 Bcf week‑over‑week.

Pulse Analysis

The early‑March price rally highlights how quickly geopolitical events can reverberate through the global gas market. An air strike on Qatar’s Ras Laffan facilities triggered a cascade of supply concerns, pushing the JKM benchmark into the low‑$20s per MMBtu—its highest level in over three years. Simultaneously, European TTF and U.S. Henry Hub prices climbed, reflecting broader risk aversion and the anticipation of tighter physical markets.

Regional dynamics further amplified the surge. In Asia, inventory data from Japan’s METI showed modest stock builds, yet the market remained jittery due to potential LNG export curtailments. Europe’s underground storage slipped to 29.4%, well under the five‑year average, tightening the supply cushion ahead of the heating season. In the United States, the EIA reported a 132 Bcf drawdown, even as year‑over‑year stocks rose, signaling a short‑term supply squeeze that supported higher Henry Hub levels.

For traders, utilities, and policymakers, the episode underscores the importance of monitoring geopolitical flashpoints and storage metrics as leading indicators of price pressure. Elevated gas prices are likely to accelerate the shift toward U.S. LNG exports, while European consumers may face higher heating costs. Looking ahead, sustained tension in the Middle East could keep volatility elevated, prompting market participants to hedge more aggressively and re‑evaluate long‑term contract structures.