Natural gas prices fell across Asia, Europe and the United States last week, with JKM, TTF and Henry Hub all moving lower amid easing supply-demand pressure and warmer weather. The decline followed a brief spike linked to Middle East tensions before markets softened again later in the week.
The Northeast Asian assessed spot LNG price JKM for last week (6 – 10 April, May delivery) fell to high-USD 16s/MBtu on 10 April from high-USD 17s/MBtu the previous weekend (2 April). JKM rose to low-USD 18s/MBtu at the start of the week as tensions in the Middle East intensified, with President Trump warning a large-scale attack against Iran. However, following the announcement on 8 April of a conditional ceasefire between the U.S. and Iran, JKM fell to mid-USD 16s/MBtu.
On 9 April, JKM climbed again to mid-USD 17s/MBtu amid renewed uncertainty surrounding the ceasefire, including Israel’s attacks on Lebanon. Thereafter, the market gradually regained composure, and as supply and demand were not particularly tight, JKM declined to high-USD 16s/MBtu by 10 April. METI announced on 8 April that Japan’s LNG inventories for power generation as of 5 April stood at 2.20 million tonnes, unchanged from the previous week.
The European gas price TTF for last week (6 – 10 April, May delivery) fell to USD 15.0/MBtu on 10 April from USD 16.9/MBtu the previous weekend (2 April). On 7 April, following the holiday, TTF rose to USD 17.8/MBtu amid heightened geopolitical tensions, including an attack on Iran’s Kharg Island and the approaching deadline for an agreement set by President Trump. However, TTF fell sharply to USD 15.5/MBtu following the announcement on 8 April of a conditional ceasefire in the Middle East.
Additionally, further downward pressure emerged as underground gas storage shifted from withdrawals to injections and demand declined amid warm weather across Europe, pushing prices below USD 15/MBtu by 10 April. According to AGSI+, the EU-wide underground gas storage was 29.2% on 10 April, up from 28.0% the previous weekend, down 16.6% from the same period last year, and down 29.9% over the five-year average.
The U.S. gas price HH for last week (6 – 10 April, May delivery) fell to USD 2.6/MBtu on 10 April from USD 2.8/MBtu the previous weekend (2 April). HH continued to trend lower amid weaker demand due to warm weather, with the ceasefire announcement in the Middle East adding further downside pressure.
The EIA Weekly Natural Gas Storage Report released on 9 April showed the U.S. natural gas inventories as of 3 April at 1,911 Bcf, up 50 Bcf from the previous week, up 4.9% from the same period last year, and 4.8% increase over the five-year average.
Source: JOGMEC
Updated: 13 April 2026
