Global gas prices remained under pressure in May, with both TTF and JKM trading well above their last year’s levels, albeit below the highs reached earlier in March.
In Europe, TTF month-ahead prices were up by 40% YoY to an average of just above $16/mmbtu. Lower LNG supplies together with less piped imports from Norway and higher domestic demand provided upward pressure on gas prices.
In Asia, JKM prices were up by 50% YoY, trading at near $18/mmbtu, amid tighter LNG availability. High spot LNG prices are transpiring into higher local prices: in India, GIXI traded at around $18.5/mmbtu, while China’s nationwide spot price rose close to $17/mmbtu. Higher gas prices are supporting gas-to-coal switching dynamics, while also leading lower production rates in gas-intensive industries, such as fertilizers.
Oil-indexed LNG prices continue to trade at a deep discount of $4-6/mmbtu, providing incentive for upward nominations and when possible for resale.
In the US, Henry Hub prices were down by 6% YoY to an average of just below $3/mmbtu. Strong domestic production together with healthy storage levels is providing downward pressure on US gas prices.
Meanwhile, Waha prices in the Permian remain in deep negative territory, trading at minus $3.4/mmbtu amid pipeline capacity bottlenecks.
What is your view? How will gas prices evolve through the summer, and especially when the Asian cooling season kicks in?
Source: Greg Molnár (LinkedIn), June 2026.
