Global Nat Gas & LNG

EU underground gas storage reached 71.5% full (809 TWh) as of late September, 15-16 points below the five-year average and the lowest for the date in records since 2011, with Germany at 58%. Injection pace is running slightly behind the relaxed 80% November target; low stocks increase reliance on LNG imports and Norwegian flows, supporting TTF prices despite mild weather. Read →

European LNG deliveries are increasing ahead of winter per ship-tracking data, offsetting lower Asian imports amid persistent Strait of Hormuz issues that have cut Qatari and other Gulf flows. This diverts cargoes to Europe (TTF benchmark), tightening the TTF-JKM arb spread and supporting European hub prices as storage refill lags. Read →

EU ports received 156 Yamal cargoes (11.39 Mt) in Jan-Aug 2026, up 10% YoY, capturing 89% of exports (vs 78% prior year) worth €7.28 bn already exceeding full-year 2025 spend. This adds Russian Arctic LNG supply into northwest Europe terminals, providing marginal relief to TTF amid low storage and LNG competition with Asia. Read →

Norway's Gassco said its pipeline and processing system is fully prepared for peak winter deliveries to Europe after completing September maintenance. Norway supplies 30% of EU+UK gas needs; 2026 deliveries so far are 86.2 bcm, up 2.1 bcm YoY. The statement supports TTF as Europe enters the gas year with storage well below average. Read →

Dutch TTF front-month rose 0.30 euros to €28.05/MWh (earlier session data showed levels near €72/MWh in Nov contract) as weather forecasts revised higher for next week but power-sector demand is seen rising 603 GWh/d with lower wind. Norwegian flows are higher post-Karsto outage end; LNG send-out to NW Europe expected to rise. Prices had fallen on prior milder outlook. Read →

Northeast Asia spot LNG prices reached $26/MMBtu for October delivery amid Middle East shipping attacks limiting Persian Gulf outflows and strong winter procurement. Bangladesh and South Korea led recent spot buying; Kogas took 14-20 cargoes for Nov-Jan. JKM remains supported by TTF strength and limited discretionary Chinese buying, tightening the arb with Europe. Read →

Front-month JKM eased 1.34% to $25.04/MMBtu and TTF fell 1.41% to $23.70/MMBtu equivalent. The JKM-TTF spread held near +$1.34/MMBtu, keeping the Pacific diversion window marginally open amid stable Atlantic supply. These moves reflect softening spot demand signals after prior geopolitical spikes. Read →

QatarEnergy notified buyers including Italy’s Edison (deliveries suspended to early December) and clients in Pakistan, Bangladesh and India (cancellations through November) that force majeure continues due to ongoing Strait of Hormuz disruptions from the US-Iran conflict. Qatar’s LNG exports have fallen 96% since March; six more cargoes cancelled for Edison bring the total to 35. The extension keeps global LNG supply tight into winter, supporting elevated European and Asian benchmarks. Read →

Kpler projects China’s September LNG arrivals at 5.3 million tonnes, down 8% from a year earlier, marking the second consecutive monthly decline as spot prices above $20/MMBtu (peaking near $26) curb spot buying. Major Chinese importers are shifting focus to long-term contracts avoiding Hormuz routes. Reduced Chinese demand eases some pressure on the global spot market but leaves Europe competing harder for remaining Atlantic and alternative cargoes. Read →

QatarEnergy extended force majeure, confirming no LNG cargoes to Edison (Italy’s major buyer under a long-term 6.4 bcm/year contract) until early December; six additional cancellations bring the total to 35 since April. Edison has substituted 23 cargoes, mainly with US supply. With winter approaching, European buyers including Germany (storage 57%) must accelerate injections from other sources amid structurally low EU storage (70-71% vs 88% norm). Read →

A handful of QatarEnergy-linked LNG carriers (e.g., GasLog Skagen, Al Shamal, Mesaimeer) have recently exited or transited the Strait of Hormuz after weeks inside the Gulf, with some heading to India or China. Volumes are a tiny fraction of pre-war levels (Qatar exported only 18 cargoes through end-August vs 509 a year earlier). Limited resumption signals persistent risk but has not yet eased the broader supply squeeze supporting TTF and JKM. Read →

Platts JKM traded at $25.29/MMBtu Friday while European deliveries sat at $24.62/MMBtu per Spark Commodities. Price-sensitive Asian buyers including India, Pakistan and Bangladesh are securing cargoes at $25/MMBtu levels unseen in 2022, tightening competition for winter supply as EU storage sits at multi-year lows. The shift marks a fundamental change in global gas market dynamics, supporting both benchmarks via inter-basin arbitrage. Read →

JKM fell to low-USD 27s/MMBtu for November delivery from mid-USD 28s the prior week on easing Middle East risk premiums, ample Northeast Asian inventories and subdued shoulder-season demand. TTF (October) settled at USD 26.7/MMBtu after peaking near USD 27.8/MMBtu mid-week on supply concerns before retreating on warmer European weather forecasts, higher Norwegian flows and rising LNG imports; EU storage stood at 69.3%. Henry Hub edged higher on robust LNG feedgas demand. Read →

Kpler data shows Asia LNG arrivals at 20.09 Mt in September, the lowest since 2018, as spot prices near $26/MMBtu deter Chinese and South Asian buyers. Europe captured higher volumes with October arrivals projected at 10.53 Mt. The price surge since Qatari LNG losses has redirected flexible cargoes toward northwest Europe, supporting TTF send-out and storage refill pace. Read →

JKM rose 0.35% day-over-day to $25.81/MMBtu while TTF gained 1.98% to €73.31/MWh, narrowing the JKM-TTF spread to $4.32/MMBtu. EU storage at 70.9% (17.1% below seasonal norm) keeps European buyers competitive for Pacific cargoes, sustaining the arb that influences both benchmarks' near-term direction. Read →

Dutch TTF front-month fell 0.30 euros to 34.76 EUR/MWh amid warmer temperature forecasts curbing demand. Europe's gas storage sits at 38.5% full per Gas Infrastructure Europe while northwest Europe LNG send-out is set to rise 80 GWh/day to 2,179 GWh/d. The move occurs as this week's TTF contract dropped around 14% on ample supply. Read →

JKM fell to low-USD 27s/MMBtu on 18 September from mid-USD 28s the prior week as Middle East risk premiums eased. TTF (October) settled at USD 26.7/MMBtu after initial hedging and injection support gave way to higher LNG imports and wind generation expectations. Northeast Asian inventories and subdued shoulder-season demand limited downside. Read →

MET Group head warned Europe must secure more long-term LNG contracts as Middle East conflict has cut 20% of global LNG flows and doubled European gas prices this year. Asian buyers are taking more flexible spot cargoes, intensifying winter competition with Europe. The call highlights structural vulnerability in Europe's post-pipeline supply model. Read →

International Gas Union secretary general said futures curves now embed elevated prices and risks through next summer due to Gulf LNG constraints. Europe is outbidding Asia for cargoes to refill storage while January Russian LNG import ban adds uncertainty. The shift marks a move from expecting post-winter easing to sustained tightness. Read →

Dutch TTF futures rose as much as 4.2% to around €74.67/MWh after Iranian President Pezeshkian statements rejecting surrender to the US while leaving dialogue open. The move reflects ongoing geopolitical premium on European benchmark amid tight storage and winter refill needs. Read →

Dutch TTF front-month fell to EUR41.95/MWh, lowest since May, after a preliminary US-Iran agreement to end conflict and reopen Strait of Hormuz. Prices dropped 10-15% over three days but retain some risk premium ahead of Friday's Geneva signing. Reduced Hormuz transit risk eases global LNG supply concerns for Europe and Asia. Read →

JKM LNG benchmark assessed at $26.05 per MMBtu, flat day-over-day. Asian spot demand remains subdued while Europe competes for cargoes amid storage rebuild. JKM-TTF arb spread sits near $5.14/MMBtu, signaling limited immediate diversion pressure between basins. Read →

October TTF futures opened at $874 and climbed to $885.4 per thousand cubic metres, up 1.9%. Technical support and slightly tighter near-term balances lifted prices despite broader easing. Move reflects ongoing sensitivity to storage pace and weather-driven demand in northwest Europe. Read →

Dutch TTF front-month futures fell sharply 7.4% to €73.65/MWh amid new diplomatic developments and higher oil flows through the Strait of Hormuz. The move followed a prior session close near €79-80/MWh and reflects easing immediate supply concerns alongside ongoing storage dynamics. Lower prices reduce the incentive for aggressive European storage injections at current levels. Read →

ICE Dutch TTF October futures opened around €73.7/MWh and traded in a €73.2-75.2 range, recovering modestly after Monday's steep decline. EU storage sits near 69.9% full, well below the seasonal norm of 88%, with net injections slowing. Warmer temperature forecasts and softer near-term demand are cited as supporting the downside move in benchmarks. Read →

The Japan-Korea Marker (JKM) LNG spot benchmark dropped 5.53% to $25.99/MMBtu for the latest session. The decline tracks softer Asian spot demand and a narrowing but still positive JKM-TTF arb spread of roughly $4.40/MMBtu. Reduced competition for cargoes from Europe amid the TTF pullback contributes to the move. Read →

European TTF settled near €73.66/MWh, down sharply day-over-day, with storage at 69.9% of capacity versus an 88% seasonal average. Slower injection pace and milder weather outlooks weigh on prices despite the structural storage deficit. The data underscore limited near-term upward pressure on the benchmark from storage refill dynamics. Read →

QatarEnergy CEO Saad al-Kaabi said the Strait of Hormuz crisis is delaying critical equipment for North Field East and South LNG expansions, with first NFE trains now eyed for 2027 and NFS for 2028. Current output is only a "very minute" volume. This prolongs global LNG tightness, supporting higher TTF and JKM by limiting new supply into 2027-28. Read →

The Vivit Africa LNG tanker suffered systems failure while carrying US cargo toward Italy; crew suspected cyberattack. Adds to recent tanker incidents and highlights delivery risks for Atlantic LNG into Europe, a key TTF supply source amid storage shortfalls. Read →

Goldman Sachs says TTF and JKM could reach €105/MWh and $35/MMBtu by year-end without improvement in Persian Gulf LNG flows, versus base case of €70 and $25. The outlook hinges on Hormuz recovery; persistent constraints would force demand destruction in Europe and Asia. Read →

Kpler data show Asia LNG arrivals at 20.09 million tons in September, the weakest since 2018, as spot prices reached $26/mmBtu. Europe is pulling more cargoes with September imports rising to 7.98 million tons, easing its storage pressure. The shift frees supply for northwest Europe amid Qatar disruptions but keeps TTF elevated. Read →

Analysts forecast Asian LNG demand falling 3-10% year-on-year due to prices doubling to $26/mmBtu after Gulf supply cuts from the Iran conflict. China leads the decline with a projected 6.1 million ton drop. Lower Asian buying supports Europe by redirecting flexible cargoes, sustaining TTF strength. Read →

EU storage sits around 67-68% full, 16 points below the five-year average, the lowest seasonal level in years. Executives at Gastech noted the shortfall leaves Europe exposed ahead of winter as Hormuz disruptions limit Qatar LNG. Storage is projected to reach only 75% by November even with higher imports. Read →

Front-month TTF rose 0.3% to around €80.55/MWh ($92.95 equivalent) amid low storage and Middle East supply risks. Prices have held above €80/MWh after a 6% Monday jump, the highest since the 2022 crisis. Low inventories and Gulf LNG constraints keep the market tight. Read →

Dutch TTF front-month trades around €82.27/MWh with limited downside. ING analysts cite Middle East escalation reducing Persian Gulf LNG flows and Europe’s struggle to reach 75% storage. Tight global LNG balances support prices into winter. Read →

Northeast Asia spot LNG rose $2.70 week-on-week to $28.40/MMBtu; Southwest Europe LNG hit $27.50/MMBtu. Low EU storage and unresolved Middle East supply issues drive the gains. JKM-TTF spread signals ongoing Asia-Europe cargo competition. Read →

JKM LNG benchmark climbed $2.70 (+10.77%) to $27.76/MMBtu on September 15. The move reflects tight supply from Hormuz disruptions and Asian demand. JKM holds a $4/MMBtu premium over TTF, directing cargoes toward Asia. Read →

A 24-hour strike at French power and gas operators reduced delivery capacity at the Dunkirk LNG terminal to 4 GWh/day from a normal minimum of 9.4 GWh/day starting 0700 GMT Tuesday. No cargoes were redirected, per LSEG analysts. The disruption hits LNG send-out into northwest Europe at a time when EU storage refill is lagging and Europe competes for flexible cargoes. Read →

Executives at GAIL and PetroChina said Chinese and Indian LNG imports, currently at multi-year lows, will rebound once Middle East supply normalizes and spot prices ease from near $30/MMBtu. The war has already cost the world 36 mt of LNG this year per Shell. Reduced Asian demand has eased some competition for cargoes that Europe needs for storage injections. Read →

PTT Pcl is negotiating additional LNG purchases from the US Gulf Coast and is open to minority stakes in export projects to secure better terms and diversify away from traditional sources. The move comes as global LNG markets remain tight due to Middle East disruptions, increasing inter-basin competition between Europe and Asia for spot cargoes. Read →

The Dutch government reduced its gas storage filling target to 64% of capacity, 10 points below the prior goal, to ease upward pressure on wholesale prices. The change responds to an EU call for flexibility amid Middle East supply risks and lagging injections; Germany and others are also missing targets as storage sits well below seasonal averages. Read →

The October TTF contract rose above €83/MWh intraday Monday, up over 5% from Friday's €79.52 close, driven by renewed Middle East tensions including Saudi pipeline issues and Hormuz shipping risks that threaten Qatari LNG flows. EU storage sits at 68% full per GIE data, well below seasonal norms, forcing Europe to compete harder with Asia for spot cargoes. The European Commission sees no immediate winter supply risk but notes prolonged disruptions could intensify global competition and lift prices further. Read →

TTF settled near €82.51/MWh on September 13, up €3.21 or 4.05% day-over-day and +10.1% over the past week, as storage lags at 68% of capacity (-20pp vs. 88% norm). JKM LNG holds around $24.88/MMBtu, keeping the inter-basin arb tight and supporting European bids for flexible Atlantic cargoes. Elevated geopolitical risk keeps the market sensitive to any escalation in Red Sea or Gulf shipping disruptions. Read →

European natural gas prices remain at their highest since late 2022, with the Dutch TTF benchmark trading near or above €80/MWh. EU gas storage sits at roughly 67% full, well below the 84% five-year average, while Middle East LNG disruptions heighten winter supply risks. A widening TTF-JKM spread adds support by increasing competition for flexible cargoes. Read →

Lithuanian utility Ignitis will buy one LNG cargo (1 TWh) per year from an EQT Corp subsidiary under a 2027-2036 contract won via tender. Pricing links to Henry Hub and TTF benchmarks to manage volatility for residential customers. The deal diversifies supply and requires regulatory and security approvals. Read →

Arctic LNG 2, 60% owned by Novatek, seeks about $1 billion in damages from Hanwha Ocean at the Singapore International Arbitration Centre over terminated Arc7 tanker contracts hit by sanctions. The project has faced repeated setbacks, limiting its ability to ramp exports to Asia despite some recent output gains. Read →

Novatek’s Arctic LNG 2 produced over 27 million cubic meters per day in July-August, nearly double August 2025 levels, aided by more dark-fleet tankers routing cargoes to China. Sanctions continue to constrain full commercial operations and dedicated ice-class shipping capacity. Read →

October 2026 TTF contract traded around €78.17, €79.91/MWh with recent sessions posting gains of several percent, including a +4.66% day. Volumes remain elevated as the benchmark reflects storage shortfalls and geopolitical LNG constraints. The price action underscores ongoing tightness in northwest European gas markets. Read →

JKM Platts futures settled around $24.685/MMBtu, up roughly 1.23% in the latest session. The Asian benchmark reflects steady Northeast Asian demand and competition for spot cargoes diverted from or competing with Europe. Limited new supply keeps the arb spread with TTF narrow. Read →

Front-month TTF rose 2% to around €74.82/MWh ($86.90/MWh equivalent), the highest since the 2022-2023 crisis. Prices have rallied on four straight weekly gains as EU storage sits below 70% full versus 82% last year and an 80%+ five-year average. Middle East tensions have curtailed Qatar LNG flows through Hormuz, intensifying competition for non-chokepoint cargoes. Read →

JKM LNG held near $24.03/MMBtu with modest firming while TTF converted to roughly $24.90/MMBtu, narrowing the JKM-TTF spread to near parity at about -$0.87/MMBtu. The tight spread keeps the Pacific diversion window largely closed. Continued Hormuz escalation risk and below-average European storage support both benchmarks. Read →

EU gas storage stands around 66% full, the lowest for this date in 15 years and roughly 12 points below last year per Gas Infrastructure Europe data. Gulf LNG exports have fallen over 85% year-over-year due to Hormuz constraints, with QatarEnergy extending force majeure into November. Low inventories heighten reliance on spot LNG and pipeline imports, sustaining upward price pressure. Read →

Six empty Qatari-linked LNG carriers are in the Gulf of Oman or heading there, with another recently crossing Hormuz into the Persian Gulf toward Qatar, per Bloomberg-compiled Kpler ship-tracking data. Qatar has largely halted exports since a tanker attack in late July but continues limited loadings inside the Gulf. The positioning signals preparation for a potential resumption of shipments through the strait even as US-Iran tensions flare, which could ease global LNG tightness affecting both TTF and JKM. Read →

The Al Marrouna tanker, loaded in Qatar last month, transited the Strait of Hormuz broadcasting its location en route to Pakistan's Port Qasim, the first visible Qatari LNG exit via the waterway in weeks. This follows empty tankers repositioning toward the Gulf and comes as Qatar extended force majeure on some deliveries into October while maintaining minimal operations. A sustained resumption could relieve pressure on European and Asian spot prices by restoring a key supply source. Read →

Spot LNG prices in Asia climbed to $25.908/MMBtu, the highest since December 2022, after renewed US-Iran hostilities raised fears of prolonged Hormuz disruptions. The surge more than doubled prices from pre-conflict levels and weighed on demand in price-sensitive markets like China and Pakistan. Elevated Asian benchmarks relative to Europe have influenced cargo flows, though recent TTF strength has narrowed the arb and limited diversions. Read →

European natural gas prices climbed more than 2% in early trading, with the Dutch TTF benchmark up 2.4% to 73.73 euros per megawatt-hour. Qatar extended force majeure on LNG shipments to major customer Edison through early November, keeping flows severely disrupted. EU gas storage sits at 66% full, below the seasonal average, leaving the market vulnerable ahead of the 2026/27 heating season as LNG supply lags crude recovery. Read →

JOGMEC reported that JKM, TTF and Henry Hub prices all rose in the latest weekly assessment. The update tracks global benchmarks amid ongoing supply tightness. No specific drivers were detailed beyond the upward moves across the three key hubs. Read →

Dutch TTF traded at €74.93/MWh, up €3.20 or 4.46% from the prior session. EU storage stood at 66.6% full, 21.4 points below the 88% seasonal norm. The JKM-TTF arb spread showed JKM at a slight premium, influencing potential cargo flows between basins. Read →

EU-wide gas storage reached 753.48 TWh or 66.59% full on the gas day ending September 6. Net injection continued at a modest pace amid high prices and limited LNG arrivals. Levels remain well below historical norms for early September, tightening the supply buffer for winter. Read →