Natural gas prices showed mixed movements last week, with Asian LNG and European gas prices easing while U.S. Henry Hub prices rose. JKM and TTF were influenced by Middle East developments and softer European demand, while Henry Hub gained on summer demand expectations and lower-than-expected storage builds.
The Northeast Asian assessed spot LNG price JKM (July delivery) for last week (25 – 29 May) fell to mid-USD 18s/MBtu on 29 May from high-USD 18s/MBtu the previous weekend (22 May). JKM fell to high-USD 17s/MBtu early in the week following reports that peace negotiations between the U.S. and Iran were nearing agreement.
However, it rebounded thereafter, as an exchange of attacks between the U.S. and Iran cast uncertainty over the outcome of the talks. Continued spot cargo procurement, particularly in Northeast Asia, ahead of summer demand also provided support. As a result, JKM traded in low- to mid-USD 18s/MBtu range. METI announced on 27 May that Japan’s LNG inventories for power generation as of 24 May stood at 1.95 million tonnes, down 0.09 million tonnes from the previous week.
The European gas price TTF for last week (25 – 29 May) fell to USD 15.7/MBtu on 29 May (July delivery) from USD 16.5/MBtu the previous weekend (22 May, June delivery). The front-month contract rolled over to July on 29 May. TTF fell to USD 15.4/MBtu early in the week following news of progress in peace negotiations between the U.S. and Iran. On 26 May, reports that the U.S. conducted airstrikes in southern Iran pushed prices up to USD 16.2/MBtu.
Thereafter, TTF trended downward, weighed by lower demand due to mild weather and stable supply fundamentals. While intermittent gains were observed amid ongoing instability in the Middle East, prices ultimately declined to USD 15.7/MBtu by 29 May. According to AGSI+, the EU-wide underground gas storage was 39.7% on 29 May, up from 37.5% the previous weekend, down 16.4% from the same period last year, and down 25.8% over the five-year average.
The U.S. gas price HH for last week (25 – 29 May) rose to USD 3.3/MBtu on 29 May (July delivery) from USD 2.9/MBtu the previous weekend (22 May, June delivery). The front-month contract rolled over to July on 27 May. HH remained at around USD 2.9/MBtu at the beginning of the week, unchanged from the previous weekend, as demand was subdued during the shoulder season.
However, prices turned upward following the contract rollover on 27 May, as expectations of rising summer temperatures were factored in, reaching USD 3.3/MBtu by 29 May. In addition, the build in U.S. natural gas inventories reported on 28 May came in below market expectations, providing further support to prices. The EIA Weekly Natural Gas Storage Report released on 28 May showed U.S. natural gas inventories as of 22 May at 2,483 Bcf, up 92 Bcf from the previous week, up 0.9% from the same period last year, and 6.2% above the five-year average.
Source: JOGMEC
Updated: 1 June 2026
