Natural gas prices rose across key global benchmarks during the week of 11–15 May 2026, with JKM, TTF and Henry Hub all moving higher amid supply concerns, weather-driven demand and storage developments.
The Northeast Asian assessed spot LNG price JKM (June delivery) for last week (11 – 15 May) rose to mid-USD 18s/MBtu on 15 May from low-USD 16s/MBtu the previous weekend (8 May).
At the beginning of the week, JKM rose to low-USD 18s/MBtu driven not only by increased spot demand from South Asia but also from China, as well as growing supply concerns stemming from technical issues at Freeport LNG in the U.S. and the possibility of a strike at Ichthys LNG in Australia.
On the 13th, prices fell again to the high-USD 17s/MBtu range as many Asian LNG importers held off on purchases in anticipation of further declines. However, they subsequently rose again due to supply concerns stemming from the situation in the Middle East, rising summer demand, and fears of a strike at the Ichthys LNG facility, reaching the mid-USD 18s/MBtu range by the 15th.
METI announced on 13 May that Japan’s LNG inventories for power generation as of 10 May stood at 2.12 million tonnes, down 0.04 million tonnes from the previous week.
The European gas price TTF for last week (11 – 15 May, June delivery) rose to USD 17.1/MBtu on 15 May from USD 15.2/MBtu the previous weekend (8 May).
At the beginning of the week, prices rose to USD 16.0/MBtu due to escalating geopolitical tensions in the Middle East, cold weather across Europe, and a decline in wind power generation.
Prices continued to rise amid slowing underground gas storage injections, falling temperatures and reduced wind power generation across Europe, and supply constraints caused by large-scale summer maintenance in Norway, closing at USD 17.1/MBtu on the 15th.
According to AGSI+, the EU-wide underground gas storage was 36.1% on 15 May, up from 34.7% the previous weekend, down 17.6% from the same period last year, and down 26.6% over the five-year average.
The U.S. gas price HH for last week (11 – 15 May) rose to USD 2.96/MBtu on 15 May from USD 2.76/MBtu the previous weekend (8 May).
At the beginning of the week, demand was weak amid mild weather, and prices rose to USD 2.84/Mbtu on the 12th.
Prices continued to rise thereafter as underground gas storage injection volumes became lower than expectations and forecasts of high temperatures for the week of the 18th, closing at USD 2.96/MBtu on the 15th.
The EIA Weekly Natural Gas Storage Report released on 14 May showed U.S. natural gas inventories as of 8 May at 2,290 Bcf, up 85 Bcf from the previous week, up 2.3% from the same period last year, and 6.5% increase over the five-year average.
Source: JOGMEC
