Global Nat Gas & LNG

Platts JKM for October delivery rose to $25.908/MMBtu on Sept. 2, its highest since Dec. 2022. Escalating US-Iran strikes and no Hormuz LNG transits since mid-August have eliminated Qatari flows, forcing Asia to compete harder while Europe attracts more US cargoes on stronger netbacks. The move tightens the global LNG balance and supports elevated benchmarks into winter. Read →

EU underground gas storage stands at 66% full, the lowest end-of-summer level in nearly two decades and well below the five-year average. Depleted inventories from prior winter drawdowns, summer heat-driven power demand, and curtailed Middle East LNG have left Europe needing substantial spot purchases. This positions the continent to outbid Asia for flexible US cargoes as winter approaches, supporting TTF and JKM. Read →

EU gas storage stood at 65.39% of capacity (71.5 bcm) at end-August, 16.76 points below the five-year average and the lowest for the date since 2011 per GIE data. August net injections were only 9.2 bcm (9% below year-ago) with record summer withdrawals from heat-driven power demand. Front-month TTF reached €73.80/MWh on Sep 2, up 28% month-on-month and 130% year-on-year, as Asia competes for scarce cargoes while Europe heads into winter with thin buffers. Read →

EU storage facilities are only 65% full, the lowest toward end-summer in at least 15 years, after buyers delayed purchases betting the Iran war would end and prices would fall. Companies have been reluctant to fill tanks expecting Qatar to resume normal Hormuz shipments. This leaves Europe vulnerable to winter spikes if cold weather or further supply issues hit. Read →

South Korea and Japan held their first meeting on a supply-chain partnership in Tokyo, agreeing to strengthen cooperation on stable emergency LNG, crude oil and petroleum product supplies. They also discussed responses to carbon emissions and due-diligence rules. The talks reflect Northeast Asian buyers' focus on securing flexible LNG amid global supply tightness from Gulf disruptions. Read →

Dutch front-month TTF futures jumped as much as 6.5% to their highest level since January 2023 after the US launched new strikes against Iran. Prices are now over 70% higher than early July levels when a temporary ceasefire raised supply hopes. Escalation has amplified worries over extended Middle East energy disruptions. Read →

Asian spot LNG prices climbed to $24.614/MMBtu, the highest in five months, as buyers including Pakistan and Bangladesh seek cargoes to replace blocked Qatari volumes. QatarEnergy extended force majeure on deliveries into November amid stalled Hormuz traffic. South Korean, Indian, Taiwanese and Bangladeshi utilities tender for October-November spot supply. Read →

Dutch TTF front-month fell 0.56 euros to 27.77 euros/MWh on Thursday as milder temperatures are forecast for northwest Europe next week, cutting heating demand by 370 GWh/d. Stronger winds are also expected to reduce power-sector gas use. The move highlights weather-driven demand weakness despite broader supply tightness. Read →

Northeast Asia spot LNG prices hit a four-month high near $22/MMBtu as Houthi and Iran-related attacks raised risks to Strait of Hormuz transit. Analysts revised forecasts for lower Qatari exports and higher JKM averages in H2 2026. The move reflects sustained competition between Asia and Europe for limited cargoes. Read →

QatarEnergy notified Pakistani buyers that LNG cargo cancellations continue into October and extended force majeure to Bangladesh beyond September. LNG traffic through the Strait of Hormuz stays halted despite some oil flows resuming, tightening global spot supply. The move supports JKM above $23/MMBtu and keeps European buyers competing for scarce Atlantic cargoes. Read →

Asian spot LNG rose to $23.388/MMBtu and TTF climbed toward €69/MWh after Qatar extended force majeure into early November. Europe heads into winter with storage at roughly 63% full versus a five-year average near 80%. The Hormuz blockage cuts Qatari term deliveries, forcing buyers in both basins to bid higher for remaining cargoes. Read →

German storage stood at 51.64% full as operators injected significant volumes in recent days. Officials cited a narrower winter-summer price spread and reduced Asian competition for LNG cargoes after the Asian heatwave eased. Germany still targets 70% fill by November but says broader supply security depends on terminals and western European imports too. Read →

JKM advanced on persistent Hormuz concerns after QatarEnergy prolonged force majeure on deliveries to Europe and Asia. Spot prices reached $23.388/MMBtu amid ongoing cancellations into October. The extension underscores the supply gap created by the Iran conflict and keeps the TTF-JKM arb narrow, limiting cargo diversions. Read →

EU gas storage stands at 63% full, the lowest for this time of year in nearly two decades per GIE data. The shortfall stems from slashed Qatari LNG supplies due to the Iran war and Strait of Hormuz disruption, plus fierce competition from Asia for available cargoes. This drives TTF and NW Europe LNG prices to their highest since 2023, raising risks of missing even the flexible 75% November target and forcing higher winter purchases. Read →

Dutch TTF settled at €63.97/MWh on Aug 25, down €4.47 or 6.53% day-over-day. The move followed a sharp prior rally as mild weather reduced near-term demand pressure while EU storage sat at 63.5%, 18.5 points below the seasonal norm. Low inventories keep the market sensitive to any LNG or weather shifts. Read →

EU gas storage stands at about 63%, the lowest level for this time of year in records and 18 points below the five-year average. Hormuz disruptions have curtailed Qatari LNG flows during the refill season while hot summer weather boosted power demand and slowed injections. Analysts see potential for TTF above €100/MWh this winter if cold weather arrives. Read →

Spot LNG delivered into northwest Europe rose to $22.83/MMBtu early in the week, the highest since January 2023 per Argus data, before easing slightly to $22.23. Strait of Hormuz disruptions have slashed Qatari exports, tightening global supply during Europe's storage refill. The surge reflects competition for flexible cargoes between Europe and Asia. Read →

Goldman Sachs notes European prices must rise further to draw enough LNG cargoes into winter given weak storage levels. Persistent Hormuz disruptions limit Qatari volumes, forcing greater reliance on US and other spot LNG. The analysis highlights storage deficits as the dominant driver over near-term weather. Read →

Dutch TTF settled at its highest level since January 2023 yesterday amid Europe's low gas storage levels and ongoing Strait of Hormuz shipping disruptions. The contract slipped today but ING analysts flag further upside risk as Europe races to refill depleted inventories ahead of winter. Low storage (around 63%) and reduced LNG inflows tighten the market for the benchmark. Read →

Asian JKM and European TTF benchmarks continued rallying as global LNG supplies faced competing threats from Middle East disruptions and strong demand. Tight balances drive competition for cargoes between Europe and Asia, with prices reaching multi-year highs. The narrow JKM-TTF spread signals limited diversion opportunities. Read →

Dutch TTF front-month fell to EUR41.95/MWh intraday, the lowest since May, after US-Iran de-escalation signals. Prices held steady Tuesday following a prior 10% drop on the preliminary agreement to reopen the Strait of Hormuz. Market caution persists ahead of a potential Geneva signing, with shipper confidence in resumed transit expected to take weeks. Read →

EU underground gas storage hit 61% full as of Aug 19, below prior-year and five-year average levels due to curtailed LNG inflows from Middle East disruptions. The Strait of Hormuz issue, affecting 20% of global LNG trade and Qatar supplies, has slowed injections. This positions Europe for a tighter winter refill season. Read →

Dutch TTF gas futures reached 69.05 EUR/MWh on Aug. 25, up 0.87% from the prior session. The move aligns with ongoing storage shortfalls and forward curves requiring higher prices to secure LNG inflows. JKM stood near $23.51/MMBtu, reflecting parallel strength in Asian benchmarks amid shared global supply tightness. Read →

Uniper will import over 30 TWh of Norwegian pipeline gas annually from 2027 through 2041. The volume equals nearly 3% of Germany's yearly gas imports, reinforcing Norway's role as Europe's top supplier after Russian flows ended. The long-term contract secures baseload supply amid ongoing global LNG tightness. Read →

Dutch TTF futures reached about €63.7/MWh on August 18, up roughly 120% since the start of 2026. EU storage stood at just 57.1% full on August 1, the lowest for that date in the historical series. Record summer heat is raising electricity demand while curbing hydro and nuclear output, forcing more gas-fired generation and slowing storage injections ahead of winter. Read →

European households face higher energy bills as natural gas prices sit at twice year-ago levels with the Iran conflict unresolved. The newsletter highlights ongoing supply risks from the Middle East situation keeping pressure on European benchmarks like TTF. Read →

EU gas storage stood at 60.8% of capacity as of Aug. 15 per GIE data. The level trails five-year seasonal norms by roughly 9-21 percentage points. Slower refill raises winter supply risks and supports higher TTF prices ahead of peak demand. Read →

S&P Global Platts published preliminary daily assessments for natural gas benchmarks including JKM and TTF for Aug. 18 trade date. The update provides market participants with latest spot price signals. JKM traded near $21.89/MMBtu while TTF front-month futures settled around €62.58/MWh. Read →

Asia's JKM LNG marker advanced 1.25% to $21.89 per MMBtu on Aug. 18. The move widens the JKM-TTF spread and signals firmer Asian demand or tighter spot supply. Higher Asian prices can pull flexible LNG cargoes away from Europe. Read →

Dutch TTF front-month futures settled at €62.58/MWh on Aug. 18, up from prior session. Price action reflects ongoing storage injection pace and European supply fundamentals. Norwegian pipeline deliveries remain a key steady source supporting the complex. Read →

Satellite imagery shows two LNG tankers, including LNG Enugu, conducting a ship-to-ship transfer near Sohar on the Gulf of Oman. Suppliers use the maneuver to move cargoes from inside the Persian Gulf despite ongoing tensions. The activity highlights efforts to sustain LNG flows to Europe and Asia despite disruptions at the key chokepoint. Read →

EU storage sits at 60.8% of capacity, below seasonal norms. Dutch TTF prices reach €62.26/MWh on LNG supply disruptions from Hormuz shipping constraints and US-Iran uncertainty. Low inventories risk sharper winter price spikes without accelerated injections. Read →

European natural gas prices climbed above €62 per MWh on Monday, hitting a fresh three-week high. Continued disruption to LNG supplies from the Gulf stems from stalled US-Iran negotiations and renewed strikes, with traffic through the Strait of Hormuz falling sharply. Storage levels remain below historical averages and lag pre-winter targets, while heatwaves boost gas-fired power demand and divert supplies from storage. Read →

EU gas storage sits at about 57.15% of working capacity as of early August, running 11-12 percentage points below the 5-year seasonal norm. Injections have been slightly ahead of the pace needed for the relaxed 80% November 1 target but remain well below historical levels due to a low starting point after winter. This underfill heightens winter supply risks for Europe. Read →

Bangladesh government approved a long-term deal for 117 LNG cargoes from US-based Gunvor (2026-2038), with early deliveries priced at JKM plus a small premium, plus eight spot cargoes from other suppliers. The move diversifies supply away from disrupted Qatari flows due to Middle East conflict. It signals sustained Asian demand pull on JKM-linked pricing and potential competition for flexible Atlantic cargoes. Read →

TTF September contract trades just shy of EUR 60/MWh and is headed for a weekly gain of 6% amid geopolitical tensions, infrastructure issues and storage levels lagging last year at around 59% full. Europe may attract more US LNG cargoes from October plus diverted shipments, potentially easing some near-term supply concerns. The backwardated curve and tight LNG availability continue to pressure refill economics. Read →

Laden LNG transits through the Panama Canal rose to 11 in July from six in June, the highest in nearly three years, driven by sustained Asian netback premiums attracting cargoes. Traders are routing more volumes eastward rather than around the Cape. This supports JKM relative strength versus TTF and highlights ongoing arb opportunities between basins. Read →

EU storage sits near 59% full with injections lagging historical averages due to tight LNG availability and a backwardated TTF curve that reduces incentive to inject. Northwest Europe faces particular pressure on refill pace ahead of winter. The shortfall raises the call for higher LNG imports to meet targets and supports firmer TTF pricing. Read →

Spot LNG prices in southwest Europe rose $1.15 week-on-week to $20.30/MMBtu as TTF bulls supported values. Northeast Asia JKM held steady near $21/MMBtu. The move highlights how European hub strength is anchoring Atlantic basin LNG pricing. Read →

Heatwaves, Norwegian supply disruptions and tighter LNG availability pushed benchmark TTF above €62/MWh near July peaks. Argus noted even small balance shifts have outsized price effects in the current environment. The rally underscores power-sector sensitivity to weather and import constraints. Read →

Front-month TTF fell more than €3/MWh to around €56.81 as hopes rose for US-Iran de-escalation. The drop occurred despite a fresh attack on an LNG tanker. Diplomacy signals eased immediate supply-risk premiums. Read →

Kpler data showed three US-loaded LNG cargoes originally bound for Egypt's damaged Damietta terminal diverted to France and Spain. The shift adds immediate supply into northwest Europe. It demonstrates how regional disruptions redirect Atlantic cargoes toward TTF-linked markets. Read →

Uniper CEO Michael Lewis stated Germany can still reach its 70% gas storage target by November, though market prices must incentivize filling. This comes as EU storage sits around 57% full, below seasonal norms, pressuring TTF prices higher amid ongoing refill needs. The comments highlight storage as a key driver for European gas benchmarks. Read →

EU natural gas inventories lag historical levels near summer's end due to persistent supply disruptions from the Iran conflict. TTF prices gain support from the weak storage position, which sits well below averages and raises winter supply risks. The outlook points to tighter European gas fundamentals boosting the benchmark. Read →

Gazprom's TurkStream flows to Europe rebounded 35% month-on-month to 45.7 mcm/d as EU storage hit 56.9% full, the lowest late-July level since 2021. Persistent Middle East tensions block Qatari LNG, cutting imports and lifting TTF 19%. Russian pipeline gas remains critical for Europe despite phase-out plans, buffering low stocks. Read →

Benchmark Dutch TTF futures rose more than 10% on Monday as talks between Iran and Oman failed to assure traders of quick LNG flow resumption from the Persian Gulf. Renewed tensions keep 20% of global LNG supply at risk, supporting European prices ahead of winter refill needs. JKM holds steady near $21/MMBtu as Asian spot demand provides limited offset. Read →

Dutch TTF contract rose 5.7% to 58.80 euros per megawatt-hour in afternoon trading on uncertainties over Strait of Hormuz reopening. Disruptions from the Iran conflict continue to choke LNG exports from Qatar and the Gulf, tightening northwest Europe supply. Low storage levels amplify the price support as injection season continues. Read →

EU gas storage hit 57.1% full at the start of August, the lowest for the date in records back to 2009. Middle East conflict raised prices and stalled injections, leaving a thin buffer ahead of winter. High costs made storage uneconomical, complicating efforts to meet the relaxed 80% target. Read →