Global gas prices moved sharply higher across key LNG markets in April 2026, as lower LNG availability, renewed geopolitical tensions and widening regional spreads reshaped pricing dynamics between Europe, Asia and North America.
Gas prices moved all over the place in April, reaching new record lows in the Permian while remaining elevated in key Asian and European import markets.
In the US, Henry Hub fell by 20% YoY to an average of $2.8/MMBtu. Strong domestic production, together with high storage levels (47% full), continued to provide downward pressure on gas prices.
Meanwhile, Waha prices in the Permian collapsed to a historical low, averaging at just minus $6/MMBtu. Strong oil production and infrastructure constraints kept Waha prices in deep negative territory.
Further north, AECO prices in Canada plummeted to below $1/MMBtu amid high production and high storage levels. If storage facilities hit capacity, we could see further downward pressure in the coming months.
Meanwhile, TTF month-ahead prices rose by 34% YoY to an average of $15.5/MMBtu amid lower LNG availability. Prices fell by 15% compared to March, largely driven by sentiment…
In Asia, JKM prices were up by 50% at an average of $18/MMBtu. The strong JKM premium is attracting flexible LNG cargoes towards Asia, while the region’s overall volumes are well down compared to last year, amid the shortfall of Qatari and Emirati flows. The premium compared to oil-indexed contracts is now in the range of $6-8/MMBtu, prompting resales from those who can switch from gas, including in China, which is actively reselling LNG in the Asian market.
Source: Greg Molnar
