Natural gas prices were mixed last week, with Asian LNG and European gas prices easing from earlier highs while U.S. Henry Hub remained relatively stable. The weekly trend reflected shifting geopolitical risk, weather-driven demand, storage dynamics and regional supply factors.
The Northeast Asian assessed spot LNG price JKM (April delivery) for last week (9 – 13 March) fell to high-USD 18s/MBtu on 13 March from low-USD 20s/MBtu the previous weekend (6 March). JKM rose to high-USD 24s/MBtu at the beginning of the week due to the lack of signs of de-escalation in the war in the Middle East. However, risk sentiment eased following remarks by President Trump about an early resolution of the conflict, and the price fell to around USD 19s/MBtu on 10 March. On 11 March, JKM declined further to high-USD 17s/MBtu due to weak spot demand in Northeast Asia, reflecting mild weather and high inventory levels. It later rebounded to the high-USD 18s/MBtu range due to increased purchasing activity, particularly in South Asia. Trading continued at relatively elevated levels amid expectations of longer-term supply reductions. METI announced on 11 March that Japan’s LNG inventories for power generation as of 8 March stood at 2.12 million tonnes, down 0.07 million tonnes from the previous week.
The European gas price TTF for last week (9 – 13 March, April delivery) fell to USD 16.9/MBtu on 13 March from USD 18.1/MBtu the previous weekend (6 March). TTF rose to around USD 19s/MBtu at the beginning of the week due to escalating geopolitical tensions in the Middle East and an unplanned maintenance outage in Norway. However, on 10 March it fell to USD 16.2/MBtu due to easing concerns over a prolonged war. Thereafter, prices turned upward again due to heightened geopolitical risk, declining gas storage levels, and forecasts of colder weather, rising to USD 17.2/MBtu. On 13 March, however, TTF fell to USD 16.9/MBtu due to increased renewable power generation and the market entering the shoulder season. According to AGSI+, the EU-wide underground gas storage was 29.0% on 13 March, down from 29.4% the previous weekend, down 18.5% from the same period last year, and down 30.4% over the five-year average.
The U.S. gas price HH for last week (9 – 13 March, April delivery) fell to USD 3.1/MBtu on 13 March from USD 3.2/MBtu the previous weekend (6 March). HH traded within a narrow range throughout the week, as increased LNG supply to Europe due to heightened tensions in the Middle East was offset by reduced domestic demand due to mild weather. The EIA Weekly Natural Gas Storage Report released on 12 March showed U.S. natural gas inventories as of 6 March at 1,848 Bcf, down 38 Bcf from the previous week, up 8.3% from the same period last year, and down 0.9% over the five-year average.
Updated: 16 March 2026
Source: JOGMEC
