Natural Gas Prices Weekly Update – JKM, TTF and Henry Hub (13 April 2026)

Key Takeaways

• JKM slipped to high‑$16/MBtu after Middle East tension spike
• TTF dropped to $15/MBtu as European storage injections rose
• Henry Hub fell to $2.6/MBtu amid warm U.S. weather
• U.S. gas inventories rose 50 Bcf, up 4.9% YoY

Pulse Analysis

Natural gas markets across Asia, Europe and the United States experienced a synchronized retreat last week, with benchmark prices sliding as warmer temperatures dampened demand and geopolitical risk receded. The JKM index, which tracks spot LNG in Northeast Asia, fell back into the high‑$16 per million British thermal units (MMBtu) range after a brief surge to the low‑$18s triggered by escalating Middle East tensions. In Europe, the Dutch TTF contract slipped to $15 per MMBtu, while the U.S. Henry Hub settled at $2.6 per MMBtu, reflecting the same demand‑side softness.

Supply dynamics reinforced the price decline. In Japan, LNG inventories held steady at 2.2 million tonnes, indicating ample fuel for power generation and reducing the need for fresh imports. European underground storage moved from net withdrawals to injections, reaching 29.2% of capacity—still below last year’s level but signaling a growing buffer against winter spikes. Across the Atlantic, the U.S. Energy Information Administration reported a 50 billion‑cubic‑foot build, lifting total gas stocks to 1,911 Bcf, a 4.9% year‑over‑year increase that further eased market tightness.

Looking ahead, the convergence of mild weather forecasts and stable storage positions suggests that natural‑gas price volatility may remain muted unless new geopolitical shocks emerge. Traders are likely to price in a continued “low‑demand” environment, which could pressure margins for LNG exporters and gas‑fired power plants. However, the lingering uncertainty over the Middle East ceasefire and potential supply disruptions keeps a floor under prices, offering a modest upside for investors seeking exposure to the gas value chain. Market participants should monitor weather patterns and diplomatic developments as key risk drivers.