Nat Gas
Every weekday's nat gas stories from Morgan Downey's Commodity News email, newest first, with the day's what-moved line (Mon, Jul 13 to Fri, Aug 7). Open a date for the full issue across every commodity.
US Nat Gas
What's moving · EIA reports 33 Bcf storage build, larger than expected, sending Henry Hub futures lower to near two-month lows.
Larger-than-expected EIA storage build weighs on futures.Jodi Shafto · Natural Gas Intelligence
The EIA reported a 33 Bcf net injection for the week ended July 31, above consensus forecasts of around 30 Bcf. Working gas in storage reached 3,117 Bcf, 195 Bcf above the five-year average. Futures slipped as the print reinforced ample supply despite easing production and firmer LNG feedgas demand.
Read → Global Nat Gas & LNG
What's moving · TTF jumps 4% to €58/MWh on low EU storage and slower injections amid mild weather.
TTF futures show elevated levels in August.ICE
Dutch TTF natural gas futures data updated as of August 7 shows contracts trading in the mid-to-high 50s EUR/MWh range. Volumes indicate active trading. This tracks the European benchmark amid current supply conditions.
Read → JKM holds near $21/MMBtu on Asian demand.Investing.com
LNG JKM futures data for early August 2026 shows prices around $21.14/MMBtu. Northeast Asian summer cooling loads and supply tightness provide support. The Asian benchmark maintains a premium to European levels.
Read → JKM holds floor near $21 on Asian loads.lngpriceindex.com
JKM settled at $21.10/MMBtu, down 0.38%, supported by Northeast Asian summer cooling demand and tight Pacific supply. TTF pulled back faster, widening the JKM-TTF premium to around $4. The spread directs flexible Atlantic cargoes eastward.
Read → US Nat Gas
What's moving · Henry Hub futures hover near $2.67 amid elevated storage and mixed weather signals ahead of today's EIA report.
US natgas futures steady ahead of EIA storage dataAnthony Harrup · Wall Street Journal
US natural gas futures edged up slightly in rangebound trading to around $2.688 per MMBtu. Comfortable storage levels more than 6% above the five-year average capped gains despite summer heat supporting power demand. Analysts expect a 31 Bcf build in the upcoming EIA report, extending the inventory surplus.
Read → US LNG exports flat in July as Europe takes shareJacob Dick · Natural Gas Intelligence
US LNG exports held roughly flat in July at about 10.26 million tonnes, up slightly from June but below the first-half average. Europe increased its share of US cargoes while overall volumes stayed below peak levels due to maintenance. The data highlights steady but not surging export demand for US gas.
Read → Spot prices rise in demand centers pre-EIA reportJodi Shafto · Natural Gas Intelligence
Physical natural gas prices rose in New England and California for Thursday flow while Henry Hub weakened. Traders positioned ahead of the EIA storage report amid regional summer heat. Modest supply-demand improvements supported near-term prices despite broader storage pressure.
Read → Storage caps natgas bulls despite better fundamentalsJodi Shafto · Natural Gas Intelligence
Natural gas futures finished mixed Wednesday as daily balances improved modestly but traders focused on Thursday's EIA storage report. Elevated inventories continue to limit upside even as production and demand dynamics show some positive shifts. The market remains rangebound near recent lows.
Read → Global Nat Gas & LNG
What's moving · TTF fell 3-4 EUR/MWh overnight on Aug 5-6 amid soft demand and steady storage injections; JKM eased 1% to $20.92/MMBtu.
EU gas rises to 54.11 EUR/MWh on Aug 6Trading Economics
EU natural gas benchmark rose to 54.11 EUR/MWh on August 6, up 3.26% from the prior day. Dutch TTF leads European pricing. The move reflects latest futures trading data in a market still shaped by storage refill dynamics.
Read → JKM drops 1.23% to 20.92 USD/MMBtu on Aug 5Trading Economics
Platts JKM LNG benchmark fell to 20.92 USD/MMBtu on August 5, a 1.23% daily decline. The North Asian marker tracks spot LNG for Japan, South Korea and China. Price action shows modest easing in Asian demand signals versus recent highs.
Read → Uniper signs 20-year deal for Canadian LNGOffshore Energy
Uniper finalized a 20-year FOB LNG purchase agreement for 2 million tonnes per year from Canada's Ksi Lisims project. First deliveries targeted from 2032. The long-term contract bolsters German supply diversification away from traditional pipeline sources.
Read → EU storage at 57% full on Aug 4, below normGlobal Energy Flow / GIE AGSI+
EU gas storage reached about 57.15% of working capacity as of early August, running 11-12 percentage points below the five-year seasonal norm. Injections continued at a pace near the relaxed November 1 target of 80%. Lower levels sustain focus on LNG imports and TTF pricing.
Read → US Nat Gas
What's moving · Henry Hub futures hover near 2.70 amid milder weather, ample storage and record production.
US LNG exports flat in July at 10.48M tonsCurtis Williams · Reuters
U.S. LNG exports slipped to 10.48 million metric tons in July from 10.6 million in June per LSEG data. Maintenance at plants including Freeport LNG and seasonally lower output prevented gains despite higher global prices. Europe took the largest share at 4.76 million tons as inventories build for winter.
Read → US natgas futures slip in choppy sessionWall Street Journal
Nymex natural gas futures traded in a narrow range and settled modestly lower amid strong supplies and forecasts for cooler temperatures that would cut power-sector demand. Power burn near 49.5 Bcf/d and steady LNG exports around 18 Bcf/d provided some support but could not offset the supply backdrop.
Read → Global Nat Gas & LNG
What's moving · TTF falls 4% to €55/MWh as European storage hits record seasonal low 55% full, pressuring injections.
JERA secures LNG stocks through OctoberReuters
Japan's top power generator JERA stated it holds sufficient LNG inventories to cover peak summer demand through October even under heatwave scenarios. This reduces immediate spot-buying pressure from Northeast Asia on the JKM benchmark and limits potential cargo diversions away from Europe.
Read → EU storage at 55% full, below seasonal normGlobal Energy Flow
EU gas storage stood at approximately 55.35% full as of late July, about 12 percentage points below the five-year seasonal average, with daily injections running near or below the pace required for the relaxed 80% November 1 target. Low levels heighten reliance on LNG send-out and imports to refill ahead of winter, supporting TTF prices despite recent volatility.
Read → Europe enters injection season with lowest storage since 2018Columbia Center on Global Energy Policy
Europe begins the 2026 summer injection season with only 31 bcm in storage, the lowest level since 2018, amid lost Qatari LNG volumes and minimal Russian pipeline flows. The shortfall forces higher reliance on spot LNG cargoes and Norwegian supplies, keeping northwest Europe send-out and TTF-JKM arb dynamics in focus for traders.
Read → US Nat Gas
What's moving · Henry Hub futures settle modestly higher at $2.78/MMBtu on Monday as heat builds and LNG feedgas rises.
Natgas futures gain modestly on heat, power demand outlook.Anthony Harrup · Wall Street Journal
NYMEX September natural gas settled up 1.2% at $2.781/MMBtu. Traders cited intensifying Texas heat and stronger power-sector demand into next week. Market remains focused on ample storage and softer summer LNG feedgas.
Read → ONEOK raises 2026 profit guidance on record NGL volumes.Reuters
ONEOK lifted its 2026 net income guidance to $3.41-3.79 billion. Q2 adjusted EBITDA rose 7% to $2.12 billion on 7% higher NGL raw feed throughput, including 15% growth in the Gulf Coast/Permian region. Pipeline operator benefits from Permian oil and gas output plus LNG export demand.
Read → Futures rise on western heat; storage supportive but supplies ample.Jodi Shafto · Natural Gas Intelligence
September futures settled modestly higher Monday amid expanding western US heat and last week’s below-expectation storage injection. Abundant supplies and comfortable inventories limited gains. NGI projects next EIA report at +30 Bcf injection for week ended July 31.
Read → Physical prices rally on Northeast, Appalachia power demand.Jodi Shafto · Natural Gas Intelligence
Physical natural gas prices rallied Monday for Tuesday flow with sharp gains across the Northeast, Appalachia and East Coast pipelines. Midwest markets strengthened; Texas prices gained from historically strong electricity demand. Gains offset broader market weakness.
Read → Global Nat Gas & LNG
What's moving · TTF rises 2% to €58.63/MWh as EU storage at record-low 57% for August 1 forces faster injections amid easing Hormuz tensions.
EU gas storage at record low 57.11% for Aug 1Social media / Energy community reports
EU aggregate gas storage reached 57.11% full on the August 1 gas day, the lowest level ever recorded for that calendar date and below the 2021 prior low of 57.28%. The deficit reflects slower-than-needed injections this summer. It tightens the supply outlook for winter and supports elevated TTF pricing into the refill season.
Read → Global Nat Gas & LNG
What's moving · EU gas fell 4-5% to 56 EUR/MWh today on milder weather and LNG supply signals amid Hormuz tensions.
GasLog LNG tanker stable post-Hormuz incidentReuters
GasLog Shanghai LNG carrier, loaded at Qatar's Ras Laffan terminal July 27-28, reported stable after an incident exiting the Strait of Hormuz on July 31; crew safe, vessel now off Oman. Nearly one-fifth of global LNG transits the strait, already thinned by Iran-related closures since February. The event underscores ongoing shipping risks for Qatari and UAE exports that support European and Asian spot markets.
Read → JKM, TTF and HH prices fell last weekJOGMEC
Global benchmarks including JKM and TTF declined in the latest weekly update. The move aligns with broader energy price softening. Asian and European LNG-linked prices continue to respond to supply flows and seasonal demand patterns.
Read → Ex-Gulf LNG exports lag demand outside EuropeBalance Point Research (via X)
July 2026 exports from non-Persian Gulf sources posted the narrowest year-on-year gain of the year. Persistent demand outside Europe continues to outpace available supply. This tightens competition for spot cargoes between Asia and Europe, supporting the TTF-JKM arb dynamics.
Read → US Nat Gas
What's moving · EIA storage build misses estimates at 28 Bcf vs 35 Bcf expected, lifting prompt Henry Hub futures.
EIA storage build misses at 28 Bcf, lifting prompt futures.Jodi Shafto · Natural Gas Intelligence
EIA reported a 28 Bcf injection for the week ended July 24, below the 35 Bcf consensus. Natural gas futures settled higher Thursday on the surprise. Inventories reached 3,084 Bcf, 6.4% above the five-year average, keeping the winter outlook steady amid robust production.
Read → EIA storage print shows tight 28 Bcf build with salt draw.Natural Gas Intelligence
The EIA reported a 28 Bcf net injection for the week ended July 24, a bullish surprise versus estimates. Salt dome storage saw a steep 14 Bcf draw. The print supported prompt month prices modestly despite comfortable overall inventories.
Read → US LNG plants ship 35 cargoes in week to July 29.LNG Prime Staff · LNG Prime
US LNG export plants loaded 35 cargoes in the week ending July 29, up one from the prior week per EIA data. This maintains solid export demand supporting domestic gas balances. Flows remain a key offset to rising production and storage levels.
Read → Natgas slides to two-month low on output rise, LNG dip.Reuters
Futures fell about 2% amid higher Lower 48 output near record levels and LNG feedgas flows averaging 17.4 bcfd. Ample storage after a near-normal build added pressure. Weather forecasts still called for above-normal heat supporting power burn into late July.
Read → Global Nat Gas & LNG
What's moving · TTF at €58/MWh as Engie cites Middle East volatility boosting gas trading amid warmer weather curbing demand.
Engie H1 earnings rise 3% on gas trading gainsAmerica Hernandez · Reuters
Engie reported 3.3% higher first-half EBIT excluding nuclear at €5.3 billion, beating forecasts, with its energy management and trading unit up slightly as volatility from the Iran conflict lifted results. European benchmark gas prices averaged €45.63/MWh in Q2, 28% higher than a year earlier due to restricted Middle East cargoes, though trading gains were modest versus 2022. Warmer weather cut gas generation income 30%, but the firm raised full-year guidance.
Read → US Nat Gas
What's moving · Henry Hub futures rebound on heat forecasts and pre-storage positioning as Waha prices surge on Permian pipelines.
Futures rebound on heat and storage positioningJodi Shafto · Natural Gas Intelligence
September natural gas futures extended recovery Wednesday after Tuesday's selloff. Persistent heat forecasts and positioning ahead of Thursday's EIA storage report supported buying. Winter strip led gains amid the rebound.
Read → Waha prices rebound on Permian pipelinesKevin Dobbs · Natural Gas Intelligence
Waha cash prices turned sharply higher this summer after months negative. New pipeline capacity eased Permian egress constraints. Spot prices rebounded substantially with forward curve reflecting confidence.
Read → Drone strikes US-owned gas tanker in EgyptReuters
A drone hit US-owned floating storage tanker Energos Winter at Damietta port Wednesday. Fire spread to Gaslog Salem with no injuries reported. Incident raises risks of wider Middle East conflict impacting energy shipping.
Read → China LNG demand growth forecasts cutReuters
JPMorgan, S&P Global Energy and Wood Mackenzie cut China's LNG demand growth projections for early 2030s by 14-22 million tons. Heightened energy security concerns drive push for self-sufficiency. Imports on track for second straight annual decline to 61-64 million tons.
Read → Global Nat Gas & LNG
What's moving · QatarEnergy buys 33 US LNG cargoes for Asia amid Hormuz blockade, first tanker exits strait.
QatarEnergy buys 33 US LNG cargoes for Asia buyersMarwa Rashad, Stephanie Kelly, Emily Chow · Reuters
QatarEnergy purchased 33 spot US LNG cargoes this year for delivery to South Korea, Taiwan, Bangladesh, India and Japan, with 28 already delivered. The purchases, worth around $1 billion, aim to offset force majeure on its own shipments after Iran closed the Strait of Hormuz to shipping. This supports Asian buyers and protects QatarEnergy's reputation as a reliable supplier while 20% of global LNG flows remain bottled up.
Read → First QatarEnergy LNG tanker exits Hormuz since July 11Emily Chow, Siyi Liu · Reuters
The Al Areesh tanker, loaded at Ras Laffan around July 4-6, exited the Strait of Hormuz overnight on July 29, the first such QatarEnergy vessel since July 11 per Kpler and LSEG data. Hormuz transits ticked up slightly on Wednesday but remain severely curtailed by the Iran war blockade. Ship traffic through Bab el-Mandeb also slowed.
Read → EU gas falls to 60.32 EUR/MWh on July 30Trading Economics
Dutch TTF benchmark EU gas price fell to 60.32 EUR/MWh on July 30, down 0.40% from the prior day. Prices have risen over 40% in the past month amid ongoing supply concerns. The TTF remains the key European hub benchmark.
Read → JKM LNG rises to 21.43 USD/MMBTU on July 29Trading Economics
LNG JKM climbed to 21.43 USD/MMBTU on July 29, up 0.49% from the previous session. The benchmark has gained 33.52% over the past month. It tracks spot LNG delivered to Japan and South Korea.
Read → US Nat Gas
What's moving · US natural gas futures hit 3-month low near $2.68/MMBtu on record production and soft LNG demand.
US LNG exports hit 16.2 Bcf/d in May 2026.U.S. Department of Energy
US LNG exports totaled 502.8 Bcf or 16.2 Bcf/d in May, down 6.5% from April. Exports reached 33 countries with Europe taking 46% share. Total natural gas net exports reached 584.1 Bcf.
Read → Global Nat Gas & LNG
What's moving · TTF rises 1.9% to €58.82/MWh at open as JKM holds near $21.33/MMBtu amid limited fresh drivers.
TTF futures open 1.9% higher at €58.82/MWhRedazione ANSA · ANSA
TTF futures opened 1.9% higher at €58.82 per MWh on the Amsterdam market. The move reflects intraday trading sentiment with no specific fundamental driver cited in the report.
Read → Singapore LNG bunker jumps $53/mt on JKM gainsHellenic Shipping News
Singapore LNG bunker prices rose $53/mt to $1,394/mt over the past week, widening the premium over Rotterdam to $243/mt. The increase tracked front-month JKM gains of $1.02/MMBtu to $22.00/MMBtu amid geopolitical tensions and supply concerns.
Read → China restarts LNG re-exports amid stronger JKMS&P Global
China has restarted LNG re-exports as summer supply proves sufficient and JKM strengthens. July JKM averaged $18.783/MMBtu per Platts data, supporting the shift in trade flows.
Read → US Nat Gas
What's moving · Henry Hub futures extend drop to 2.73 USD/MMBtu on record production and soft LNG feedgas.
US gas futures hit near-12-week low at 2.73 on oversupply.Trading Economics
US natural gas futures fell to 2.73 USD/MMBtu, their lowest in nearly 12 weeks. Strong Lower-48 output averaging 110.6 bcfd in July and LNG feedgas flows at 17.2 bcfd, down from June amid Freeport maintenance, outweigh above-normal temperatures supporting power burn. Inventories sit 6.4% above the five-year average, pressuring prices lower.
Read → EIA: 32 Bcf injection for week ending July 17.EIA
Working gas in storage reached 3,056 Bcf as of July 17 after a 32 Bcf net injection. Stocks were 183 Bcf above the five-year average and 16 Bcf below last year. The build reinforces the seasonal surplus, limiting near-term upward price pressure despite summer demand.
Read → Freeport maintenance cuts LNG feedgas to 1 bcfd.S&P Global
Feedgas deliveries to Freeport LNG fell sharply to about 1 bcfd as major maintenance started on July 10, expected to last into late August. The reduction contributes to softer overall US LNG export demand, adding to downward pressure on domestic gas prices amid already ample supplies.
Read → Global Nat Gas & LNG
What's moving · TTF falls 6.5% to €58.70/MWh as Asian demand and JKM strength pull LNG cargoes away from Europe.
China restarts LNG re-exports on stronger JKMS&P Global Platts / Cyprus Shipping News
Chinese importers reloaded two LNG cargoes from terminals in July, the first commercial re-exports since April, after JKM rose above $17/MMBtu and September deliveries hit $21.60/MMBtu. Domestic demand lagged imports, making spot sales abroad more profitable by over $3/MMBtu. The move signals China redirecting surplus cargoes to Northeast and Southeast Asia, tightening availability for European buyers.
Read → TTF drops 7.7% to €58.70/MWh on July 27Investing.com
Dutch TTF front-month futures closed at €58.70/MWh, down 7.67% from the prior session with a daily range of €58.525-59.500. The decline aligns with LNG cargoes shifting toward Asia amid higher JKM values and sufficient European summer supply. Lower TTF reduces the incentive for storage injections ahead of winter.
Read → JKM at $21.76, TTF at €58.54/MWh on July 27LNG Price Index
JKM closed at $21.76/MMBtu, down 1.09%, while TTF settled around €58.54/MWh equivalent to $18.80/MMBtu. JKM traded at a $2.96/MMBtu premium to TTF, sustaining the arbitrage that diverts flexible cargoes from Europe to Asia. European storage refill faces headwinds from the price signal and geopolitical supply risks.
Read → US Nat Gas
What's moving · Natural gas futures hover near $2.90/MMBtu as ample storage and production offset summer heat demand.
Natgas futures stall near $3 amid weather and storage data.Jodi Shafto · Natural Gas Intelligence
August NYMEX natural gas futures traded sideways Friday, dipping then rebounding toward $3.00/MMBtu. Traders weighed short-term demand shifts against robust Lower 48 production above 110 Bcf/d and storage inventories 6.4% above the five-year average. The sideways action reflects balanced fundamentals with limited near-term catalysts.
Read → Futures sway on storage surplus, LNG and storm impacts.Kevin Dobbs · Natural Gas Intelligence
Front-month futures fluctuated early Friday after the EIA's +32 Bcf storage build for the week ending July 17. The market factored in a 6.4% surplus above average, easing LNG feedgas flows due to maintenance, and potential minor Gulf Coast disruptions from former Tropical Storm Bertha. Demand support hinges on sustained August heat and LNG recovery.
Read → NGPL outage strands 500k Dth/d East Texas supply.Chris Newman · Natural Gas Intelligence
Kinder Morgan's Natural Gas Pipeline Co. of America took a Gulf Coast mainline segment out of service, halting 500,000 Dth/d of Haynesville Shale receipts for the second time this month. Local spot prices firmed with TexOk premium over Katy reaching 19.5 cents and the Henry Hub discount narrowing 40 cents. The outage tightens regional supply amid broader market balance.
Read → Global Nat Gas & LNG
What's moving · TTF falls over 8% to €58/MWh on easing Mideast tensions as EU storage sits at 54%.
Asia LNG hits four-month high on Mideast shipping fearsEmily Chow · Reuters
Asia spot LNG prices rose for a fifth straight week to their highest in four months amid Houthi attacks on Saudi tankers and fears of wider shipping disruptions through the Strait of Hormuz. JKM is now expected to average $19.50/mmBtu in H2 2026, up sharply from prior forecasts. Northwest Europe LNG benchmark assessed at a discount to TTF, underscoring the need for Europe to compete harder for cargoes to build storage ahead of winter.
Read → First US LNG to China in a year to be re-exportedBloomberg
China is re-exporting the first US LNG cargo in over a year as local firms flip it for higher margins in third-party markets and to avoid tariffs. The move highlights shifting global LNG flows and potential impacts on Asian and European price benchmarks amid tight supply.
Read → US Nat Gas
What's moving · Henry Hub futures hover near $2.91 as 32 Bcf EIA storage injection matches expectations amid heat-driven power demand.
EIA posts 32 Bcf storage injection; futures tread water.Kevin Dobbs · Natural Gas Intelligence
The EIA reported a 32 Bcf injection into US natural gas storage for the week ended July 17, slightly above historical norms and within poll expectations. Inventories reached 3,056 Bcf, 6.4% above the five-year average. The in-line build left prompt futures largely unchanged as ample supply offsets seasonal heat support.
Read → Kinder Morgan GCX full at startup; eyes next projects.Chris Newman · Natural Gas Intelligence
Kinder Morgan's expanded Gulf Coast Express pipeline filled rapidly after entering service, easing Permian gas oversupply. Executives flagged over $1B in potential final investment decisions for additional egress projects in the second half. The moves strengthen the case for further Permian-to-Gulf Coast pipeline builds.
Read → Global Nat Gas & LNG
What's moving · TTF surges near 4-month high to €62/MWh on Hormuz LNG disruptions tightening Europe-Asia supply.
Buyers seek cheaper LNG from Qatar, UAE post-HormuzReuters
Asian and European LNG buyers plan to demand lower prices and supply guarantees from Qatar and UAE after the U.S.-Iran war closed the Strait of Hormuz, raising insurance costs and forcing force majeure on Qatari deliveries. Qatar and UAE account for one-fifth of global LNG export capacity, all routed through the strait. The shift weakens their negotiating power and intensifies competition for cargoes heading to Europe and Asia.
Read → QatarEnergy extends force majeure on LNG into OctoberReuters
QatarEnergy extended force majeure on LNG supplies to buyers in South Korea, India and Bangladesh until at least mid-September, with expectations of further extensions into October as the Strait of Hormuz stays closed. The company is chartering out tankers through mid-October. Prolonged Qatari outages will tighten global LNG supply and support higher prices for Asian and European buyers into winter.
Read → TotalEnergies earns $400M yearly on Russian LNGReuters
TotalEnergies CEO said the company earns about $400 million annually from lifting and selling cargoes from Russia's Yamal LNG plant via its UK entity, despite deconsolidating the stake. EU countries are taking record volumes from Yamal ahead of a 2027 import ban. The flows provide additional LNG supply into Europe amid broader Middle East disruptions.
Read → US Nat Gas
What's moving · Western heat boosts power burn to 11-month high while EQT raises output guidance, pressuring Henry Hub amid ample storage.
Heat drives natural gas power burn to 11-month highChris Newman · Natural Gas Intelligence
Natural gas-fired power generation reached its highest weekly level since August in the latest EIA storage week. Widespread heat increased electricity demand and utility pipeline nominations by 1.7 Bcf/d. This supports stronger near-term demand but follows a 41 Bcf storage build the prior week.
Read → EQT raises 2026 natural gas output guidanceJamison Cocklin · Natural Gas Intelligence
EQT raised its full-year production guidance after wells outperformed expectations. The move adds to abundant Lower 48 supplies that have capped prices. The company tracks roughly 20 Bcf/d of potential demand growth.
Read → New Permian pipelines lift Waha, weigh on Henry HubChris Newman · Natural Gas Intelligence
New Permian takeaway capacity from Gulf Coast Express and Hugh Brinson pipelines pushed Waha spot prices back above $2/MMBtu. Flows are redirecting more supply toward Louisiana markets. Henry Hub cash prices declined as a result.
Read → Haynesville expands infrastructure for future LNGJodi Shafto · Natural Gas Intelligence
The Haynesville Shale is adding pipeline connections including to Carthage and Gulf South ahead of new Gulf Coast LNG capacity. Infrastructure investments precede much of the region's liquefaction ramp-up. This positions the basin for higher long-term feedgas demand.
Read → Global Nat Gas & LNG
What's moving · TTF jumps over 5% to 62.79 EUR/MWh on July 22 amid EU storage at just 54% and LNG flow competition with Asia.
Dynagas wins EU exemption to ship Russian LNGReuters
Greece-based Dynagas will continue transporting Russian LNG to third countries for 12 months under a new EU sanctions package, with volumes capped at 2025 levels. The exemption, reported by the FT and still needing final approval, resolves Greek objections that had delayed the 21st sanctions round. It sustains Russian LNG availability amid tight global supplies and European storage shortfalls.
Read → Equinor warns EU storage unlikely to hit 80%OilPrice.com
Equinor said Europe is unlikely to reach its 80% storage target as LNG cargoes divert to Asia amid competition and supply concerns. EU storage sits around 54%, well below seasonal norms, raising winter supply risks. The warning highlights pressure on TTF from slow injections and global cargo competition.
Read → Russian LNG share grows in EU despite sanctions pushNatural Gas Intelligence
Russian LNG imports to the EU rose 15% in the first half of 2026 while US supply shares declined. The trend occurs as the bloc debates a full ban and further sanctions on Moscow energy exports. Increased Russian volumes add to available supply even as European storage rebuild lags.
Read → JKM rises to $22.17/MMBtu on July 23X post / market report
The Japan-Korea Marker (JKM) LNG price climbed to US$22.17 per MMBtu on July 23. The move reflects strong Northeast Asian demand and competition for cargoes versus Europe. Elevated Asian prices widen the TTF-JKM arb, influencing spot cargo routing.
Read → US Nat Gas
What's moving · US natural gas futures hold near $2.88 amid ample storage and rising power burn offsetting LNG maintenance.
August natgas futures close at $2.860 after dip on supply strength.Sprague Energy
The August NYMEX contract settled at $2.860 after opening at $2.885 and trading down to an intraday low of $2.831 on robust supply and fading cooling demand. The prior week's EIA storage report showed a 41 Bcf injection, leaving working gas at 3,024 Bcf, 6.4% above the five-year average.
Read → US gas demand jumps 4.3 Bcf/d on power burn surge.Criterion Research
Lower-48 gas demand rose to 115.8 Bcf/d as power burn increased 3.1 Bcf/d to 50.6 Bcf/d with stronger cooling loads. Weekly weather-driven demand averaged 113.6 Bcf/d versus 108.1 Bcf/d the prior week.
Read → Daily NYMEX Henry Hub settlements released for July 21.Energy Intelligence
Energy Intelligence published the daily settlement prices for the benchmark NYMEX Henry Hub futures contract covering July 21 trading activity.
Read → Global Nat Gas & LNG
What's moving · TTF at 60 EUR/MWh amid slow EU storage injections and tight global LNG supply from Hormuz issues.
Egypt seeks multi-year LNG deals for 15-18 cargoes monthlyMarwa Rashad, Mohamed Ezz · Reuters
Egypt is negotiating with Shell, TotalEnergies, BP and Hartree for 15-18 LNG cargoes per month over at least three years at a premium to TTF. Domestic production has fallen below 4.4 bcf/d and import costs have nearly tripled amid tight global markets from the Iran conflict. The deals would add $8-11 billion annually to Egypt's energy bill and compete for spot and term cargoes that influence both TTF and JKM.
Read → EU storage 10% lower YoY with slower injectionsCarbon Pulse
European gas storage stands 10% below year-ago levels, reaching only 50% capacity in early July. Injection rates over the past three months are 15% lower than the same period in 2025 per European gas association data. Slower refill pace tightens summer supply and supports TTF prices ahead of winter.
Read → Europe enters 2026 injection season with lowest storage since 2018Columbia University Center on Global Energy Policy
EU storage opened the summer injection season at just 31 bcm, the lowest since 2018. Reaching even an 80% fill target by November requires 57 bcm of injections amid lost Qatari LNG and Russian flows. The shortfall underpins elevated TTF and increases competition for Asian LNG cargoes.
Read → EQT misses estimates on weak US gas pricesReuters
EQT missed Q2 profit estimates due to lower US Henry Hub prices insulated from global spikes. Record domestic output and storage keep US prices low while international benchmarks rise on Middle East tensions. The contrast highlights the TTF-JKM premium over US gas and limited US LNG export relief for Europe/Asia.
Read → US Nat Gas
What's moving · Henry Hub hovers near $2.86/MMBtu two-month low on ample storage, rising output and LNG outages.
US LNG feedgas rebounds amid global weather-driven cargo demand.Natural Gas Intelligence
US LNG feedgas nominations recovered from midweek lows as international weather patterns lifted cargo demand. Commissioning setbacks at Golden Pass and temporary pipeline supply shifts into Sabine Pass introduced volatility, while extended Freeport maintenance continues to constrain exports. The rebound supports near-term feedgas but leaves Henry Hub exposed to domestic surplus.
Read → Natural gas power burn jumps 11% week-over-week amid heat.Natural Gas Intelligence
Natural gas power burn rose 11% week-over-week to support utility demand that gained roughly 3 Bcf/d during the EIA storage week ended July 10. Widespread heat lifted cooling-driven consumption even as wind generation ceded share, contributing to a modeled 44 Bcf injection that aligned with the reported 41 Bcf build. Stronger power-sector demand provides the main near-term offset to rising production and storage surplus.
Read → New pipeline supply and LNG outages pressure Henry Hub prices.Christopher Lenton · Natural Gas Intelligence
Kinder Morgan’s Natural Gas Pipeline Co. of America brought its Texas-Louisiana Expansion Project to full service, stepping up deliveries into Louisiana and adding supply pressure at Henry Hub. Combined with ongoing LNG outages, the incremental pipeline capacity widened the physical discount and reinforced the bearish tone in prompt prices despite any weather-supported demand gains.
Read → Global Nat Gas & LNG
What's moving · TTF surges on Hormuz LNG shipment halt amid US-Iran escalation, JKM edges higher.
TTF rises 3.45% to multi-month high on Hormuz LNG fears.Mansfield Energy
European wholesale natural gas prices climbed sharply Monday to highest since late March. Dutch TTF front-month contract rose 3.45% in mid-morning trading. Move reflects renewed Middle East geopolitical tensions threatening global LNG supplies.
Read → TTF hits four-month high near 60.50 euros/MWh on Hormuz risks.Trading Economics
European natural gas prices surged as high as 60.50 euros per MWh in Asian trading Monday. Benchmark reached four-month high before trimming gains amid US-Iran escalation. Shipping through Hormuz largely stalled, delaying Qatari LNG export recovery and pressuring Europe storage rebuild.
Read → JKM rises 0.19% to 21.03 USD/MMBtu amid supply risks.Trading Economics
LNG Japan Korea Marker climbed to 21.03 USD per MMBtu on July 20. Price gained 0.19% from prior day with 32.57% rise over the past month. Movement tracks global supply concerns tied to Hormuz disruptions.
Read → US Nat Gas
What's moving · Henry Hub futures hover near $2.88/MMBtu as ample supply and muted demand pressure prices lower.
US natural gas futures fall below $2.87/MMBtu to two-month low.Trading Economics
Futures dropped below $2.87 per MMBtu amid ample domestic supply. Production averaged 110.2 Bcf/d in July while Freeport LNG outages reduced export demand. Higher solar and wind generation further cut power-sector burn.
Read → Henry Hub futures trade at $2.878, down 1.13%.CME Group
August contract last traded at 2.878 with volume over 5,300 contracts. Prices reflect ongoing supply surplus and limited near-term demand growth. The move keeps the complex in a lower trading range.
Read → Global Nat Gas & LNG
What's moving · Hormuz shipping halt from US-Iran strikes lifts TTF to four-month high near €60/MWh.
European gas prices hit multi-month high on Hormuz LNG risks.ADVFN
TTF prices climbed on fears that the Hormuz blockade will choke LNG flows from Qatar, the region's largest exporter. Reduced transits directly tighten cargoes available for delivery into northwest Europe terminals. The price action reflects immediate supply-risk premium rather than storage or weather data.
Read → LNG transits through Hormuz halt amid expanding US-Iran strikes.X (NoodlesResearch)
Tanker tracking shows LNG traffic through the Strait of Hormuz stopped over the past three days while crude oil transit fell sharply. The halt places direct upward pressure on gas prices in both Asia and Europe by limiting Qatari and UAE cargoes. Broader strikes raise the risk that the disruption persists beyond the immediate weekend.
Read → US Nat Gas
What's moving · Henry Hub futures slide 2% to two-month low at $2.888/MMBtu on 41 Bcf storage build, rising output and LNG maintenance.
Natgas futures fall 2% to two-month low on output rise and storage build.Scott DiSavino · Reuters
U.S. natural gas futures for August delivery fell 6.6 cents or 2.3% to settle at $2.888/MMBtu on Thursday, the lowest close since May 12. The EIA reported a 41 Bcf injection for the week ended July 10, near the 43 Bcf consensus and five-year average of 45 Bcf, lifting storage to 3,024 Bcf or 181 Bcf above the five-year norm. Lower 48 output rose to 110.3 Bcf/d in July while LNG feedgas held at 17.4 Bcf/d amid Freeport LNG maintenance, adding to ample supply pressure.
Read → EIA: 41 Bcf injection lifts storage to 3,024 Bcf, 181 Bcf above average.EIA
Working gas in Lower 48 storage totaled 3,024 Bcf as of July 10 after a 41 Bcf net increase from the prior week. Stocks sit 21 Bcf below year-ago levels yet 181 Bcf above the five-year average of 2,843 Bcf. The in-line build narrows the surplus slightly while production eases and LNG feedgas dips due to maintenance.
Read → 41 Bcf EIA build in line; prices dip as Freeport maintenance cuts feedgas.Energy Edge
The EIA print of +41 Bcf landed in the 38-45 Bcf range, ending a streak of bearish surprises. Lower 48 production eased to 108.5 Bcf/d and LNG feedgas slipped to 17.3 Bcf/d with Freeport's multi-train turnaround running into late August, offset partly by Sabine Pass Train 4 returning. Front-month futures hold in a lower range near $2.85/MMBtu after breaking below $3.00.
Read → Futures resume downtrend after 41 Bcf EIA storage build.Bob Iaccino · CME Group
August natural gas futures resumed a downward trend after the EIA's 41 Bcf build, which was below expectations and the five-year average. The smaller-than-average injection narrows the storage surplus to 181 Bcf but fails to support prices amid ongoing supply and demand dynamics.
Read → Global Nat Gas & LNG
What's moving · TTF holds near 15-week highs near €55/MWh as Middle East conflict disrupts LNG flows and slows EU storage refills.
First Argus TTF-indexed trade clears on Trayport Joule.Argus Media via PR Newswire
TP ICAP executed the first physically settled trade on Joule using an instrument indexed to the Argus TTF day-ahead assessment on July 7. The move expands hedging tools tied to the European benchmark as LNG replaces lost Russian pipeline supply and TTF solidifies its role as the primary reference for global LNG procurement.
Read → Platts proposes JKM-TTF and other spread assessments.S&P Global Platts
S&P Global Platts proposed new daily assessments for spreads including JKM versus TTF derivatives. The benchmarks would give traders clearer signals on the Europe-Asia arbitrage that has driven recent cargo diversions amid elevated Asian prices and Middle East supply risks.
Read → US Nat Gas
What's moving · Henry Hub futures hover near $2.90 as waning heat and LNG maintenance curb demand amid ample supply.
Waning heat forecast lowers physical natural gas cash prices.Andrew Baker · Natural Gas Intelligence
Natural gas cash prices fell at most locations on Wednesday due to mixed weather forecasts showing cooling in the Northeast and subdued LNG feedgas demand. Near-normal storage builds are expected as heat eases. Lower physical prices reflect reduced near-term power-burn pull.
Read → August NYMEX natural gas futures tread water below $3.Jodi Shafto · Natural Gas Intelligence
August NYMEX futures traded sideways midday Wednesday around $2.91, staying below $3. LNG maintenance reduced feedgas demand while robust production maintained downward pressure. Henry Hub next-day gas averaged $2.795.
Read → Bargain buyers lift August natural gas futures while winter contracts fall.Andrew Baker · Natural Gas Intelligence
Power burn reached year-to-date highs, helping August futures gain slightly on bargain buying and profit-taking after prior weakness. Traders showed little reaction to heat forecasts amid persistent supply overhang. Winter contracts declined as fundamentals stayed loose.
Read → East region storage deficit concerns ease after heat waves.Kevin Dobbs · Natural Gas Intelligence
East region storage stood just 1.7% above the five-year average at the start of July, the leanest in the Lower 48, yet a surplus persisted through recent heat waves. Regional demand pulled back as total supply remained ample. Concerns over deficits have faded with cooling forecasts.
Read → Global Nat Gas & LNG
What's moving · TTF at 54.8 EUR/MWh and JKM at $19.93/MMBtu amid slow EU storage injections and Qatar LNG cuts to Bangladesh.
QatarEnergy halves 2026 LNG deliveries to BangladeshRuma Paul and Emily Chow · Reuters
QatarEnergy halved its 2026 LNG deliveries under two long-term contracts to Petrobangla due to ongoing disruptions from the U.S.-Israeli war on Iran blocking shipments through the Strait of Hormuz. Petrobangla, Bangladesh's largest LNG buyer last year, is turning to spot purchases and other suppliers to cover the shortfall. The cut tightens Asian supply and supports the JKM premium over TTF.
Read → Petrobangla LNG imports from QatarEnergy fall 50% in 2026S&P Global
Petrobangla confirmed its 2026 LNG imports from QatarEnergy will drop 50%, with JKM assessed at $19.436/MMBtu for August delivery on July 14. The reduction stems from war-related shipping constraints and forces greater reliance on the spot market. This adds upward pressure on Asian LNG benchmarks.
Read → US Nat Gas
What's moving · Henry Hub futures hover near $2.91 amid ample supplies, softer weather forecasts and Freeport LNG maintenance weighing on demand.
Softer July weather and robust supply cap natural gas prices.Jodi Shafto · Natural Gas Intelligence
August NYMEX natural gas futures struggled midday Tuesday as weather forecasts softened for the second half of July. Robust Lower 48 production and comfortable inventories kept prices in check despite near-term heat supporting power burn. NGI projects a 44 Bcf storage injection for the week ended July 10, near the five-year average.
Read → Physical prices rise on heat but futures extend losses on supply.Andrew Baker · Natural Gas Intelligence
Physical natural gas prices posted hefty gains Monday amid sweltering heat across much of the Lower 48 boosting cooling demand. Prompt-month futures declined for a fourth straight session on subdued LNG exports and near-record production.
Read → Global Nat Gas & LNG
What's moving · TTF surges to €54.3/MWh on US-Iran tensions and Hormuz blockade fears, lifting JKM amid Asia-Europe LNG cargo competition.
Turkey hydro cuts gas use 40%, aids EU storageGavin Maguire · Reuters
Turkey's hydro output rose nearly 60% year-on-year in January-May, slashing gas-fired power generation more than 40% to 17.48 TWh. As Europe's fourth-largest gas consumer, this has boosted storage injections around 18% above prior-year levels and eased regional inventory pressure. Renewables now supply over 60% of Turkey's electricity, reinforcing weaker European gas demand amid the summer injection season.
Read → EU storage at 49%, injections lag averagesACER
EU gas storage stood at around 49% capacity as of early July, similar to 2021 levels and below recent years, with injections running below the 10-year summer average. Low starting levels from April (28% capacity) and competition for LNG cargoes from Asia risk missing winter refill targets. ACER urges closer monitoring and active management to meet Gas Storage Regulation requirements.
Read → US Nat Gas
What's moving · Henry Hub futures extend losses on Freeport LNG maintenance, near-record production, and 44 Bcf storage build forecast.
Futures extend losses on weak LNG, high production despite heat.Andrew Baker · Natural Gas Intelligence
Subdued LNG feedgas and near-record dry gas production pressured US natural gas futures lower on Monday. Power demand stayed elevated from cooling needs but failed to offset the bearish supply signals. NGI forecasts a 44 Bcf storage injection for the week ended July 10.
Read → NGI sees 44 Bcf storage build lifting inventories above 3 Tcf.Leticia Gonzales · Natural Gas Intelligence
NGI projects a 44 Bcf injection for the week ended July 10, pushing stocks to 3,027 Bcf. Dry gas production averaged 110.4 Bcf/d while LNG feedgas fell to 18.15 Bcf/d. Henry Hub weekly prices averaged $3.130/MMBtu, down 18.5 cents.
Read → Feedgas volatile as Freeport maintenance and Golden Pass swings cut demand.Jacob Dick · Natural Gas Intelligence
US LNG feedgas fell about 1.5 Bcf/d amid Freeport LNG maintenance trips and Golden Pass flaring. Volatility persists beyond the outage with nominations uncertain. The drop adds bearish pressure on summer natural gas prices.
Read → Futures slide on cooler forecasts and Freeport LNG maintenance.Wall Street Journal
NYMEX natural gas futures fell 2.9% to $2.854/MMBtu as weather models turned cooler and Freeport LNG maintenance cut exports. Traders search for support amid adequate supply and storage surplus. Power-sector demand starts the week lower in the South.
Read → Global Nat Gas & LNG
What's moving · TTF jumps over 2% to 52.5 EUR/MWh on low EU storage and Asia pulling US LNG cargoes amid Hormuz tensions.
EU buys record Yamal LNG ahead of 2027 banKate Abnett · Reuters
EU imported 9.97 million tons of Yamal LNG in H1 2026, up 16% YoY across 136 cargoes, mostly to France, Belgium and Spain. Long-term contract volumes continue until the January 2027 ban while short-term deals ended in April. The surge reflects front-loading before the full Russian gas import ban and adds to Europe's supply mix amid tight storage.
Read → Pakistan tenders fourth July LNG cargo after Qatar haltBloomberg
Pakistan LNG seeks an additional spot cargo for July delivery as US-Iran clashes in Hormuz block Qatari shipments. The country has already secured three replacement cargoes this month, the most since the conflict began. Renewed tensions tighten global spot supply and boost demand for alternative exporters like the US.
Read → EU gas rises to 52.54 EUR/MWh, up 2.12%Trading Economics
Dutch TTF benchmark EU gas price climbs to 52.54 EUR/MWh on July 14, gaining 2.12% in the session. The move aligns with Asia's stronger pull on US LNG and Europe's widening storage deficit. Prices are now 52.52% higher year-on-year as summer injection pace slows.
Read → US Nat Gas
What's moving · Freeport LNG major maintenance slashes feedgas demand, pressuring Henry Hub prices lower amid ample storage.
Maintenance and supply drag natgas futures lower.Natural Gas Intelligence
Unexpected maintenance at Freeport LNG reduced feedgas demand starting July 10. Combined with robust Lower 48 production and the recent storage build, this pushed futures deeper into negative territory. Golden Pass LNG ramp provided minor offset but overall export support weakened.
Read → Freeport feedgas falls as maintenance begins.S&P Global
Feedgas deliveries to Freeport LNG dropped to about 1 Bcf/d on July 10 as the facility started major maintenance expected to last through late August. This outage directly reduces LNG export demand for US gas. NYMEX prices responded with further declines below $3.
Read → Prices sink as Texas LNG terminal closes.Wall Street Journal
Freeport LNG announced the start of major maintenance on its pretreatment and liquefaction units. Data showed sharp drop in gas flows to the Texas terminal. Domestic storage surpluses continued to grow despite heat-driven power demand, adding downward pressure on prices.
Read → Global Nat Gas & LNG
What's moving · TTF jumps 3%+ as US-Iran Hormuz tensions halt Qatar LNG flows and slow tanker traffic.
TTF surges 3.35% on Hormuz LNG supply fearsTsvetana Paraskova · OilPrice.com
August 2026 TTF futures rose 3.35% to $59.51/MWh after renewed US-Iran clashes slowed Strait of Hormuz traffic and prompted Qatar to suspend maritime activity, threatening LNG exports from Ras Laffan. Europe faces tighter supply while refilling storage ahead of winter as Middle East cargoes stall. The move follows partial recovery in Qatari shipments after earlier June easing.
Read → Rotterdam LNG bunker up $52/mt on Hormuz risksCyprus Shipping News
Rotterdam LNG bunker prices surged $52/mt mirroring front-month TTF gains, driven by renewed US-Iran tensions and reduced Hormuz tanker transits. QatarEnergy extended force majeure on some LNG shipments to Asia and Europe into August or early September. JKM front-month rose $0.54/MMBtu to $16.07/MMBtu over the week amid spot cargo competition.
Read → TTF, JKM hit highest Q2 averages since 2022IEA
TTF averaged near $16/MMBtu and JKM $17.5/MMBtu in Q2 2026, their highest since 2022, after Hormuz disruption flipped the arb to favor Asia and diverted cargoes. Prices eased after June interim agreement but remain elevated versus 2025. Europe saw over 10% drop in LNG imports while Asia absorbed more spot supply.
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