Asian LNG imports rebound as buyers return to the market
June 24, 2026
Natural gas prices moved lower across Asian and European markets last week, while U.S. Henry Hub edged higher. JKM and TTF softened after easing Middle East tensions and stable supply conditions, but both rebounded late in the week as uncertainty returned and demand outlooks shifted.
The Northeast Asian assessed spot LNG price JKM for last week (15 – 19 June) fell to high-USD 15s/MBtu on 19 June (August delivery) from high-USD 17s/MBtu the previous weekend (12 June, July delivery). JKM fell to low-USD 16s/MBtu at the start of the week following the ceasefire agreement between the U.S. and Iran.
While supply concerns stemming from the extension of the Ichthys LNG strike provided some support, it declined further into low-USD 15s/MBtu on 18 June after INPEX and the labor union reached an agreement on 17 June, leading to the suspension of the strike. Subsequently, on 19 June, it rebounded to high-USD 15s/MBtu amid renewed uncertainty in the Middle East situation.
METI announced on 17 June that Japan’s LNG inventories for power generation as of 14 June stood at 2.04 million tonnes, up 0.24 million tonnes from the previous week.
The European gas price TTF (July delivery) for last week (15 – 19 June) fell to USD 14.1/MBtu on 19 June from USD 15.9/MBtu the previous weekend (12 June). TTF fell by more than USD 1 at the start of the week following the announcement of the ceasefire agreement between the U.S. and Iran.
Continued mild weather across Europe and stable supply conditions also weighed on prices, pushing it down to USD 13.6/MBtu on 18 June. Subsequently, on 19 June, it rebounded to USD 14.1/MBtu, supported by increased gas demand driven by temperatures well above seasonal norms, which are expected to persist for some time.
According to AGSI+, the EU-wide underground gas storage was 46.1% on 19 June, up from 43.9% the previous weekend, down 16.5% from the same period last year, and down 23.6% over the five-year average.
The U.S. gas price HH (July delivery) for last week (15 – 19 June) rose to USD 3.2/MBtu on 19 June from USD 3.1/MBtu the previous weekend (12 June). HH rose above USD 3.2/MBtu on 16 June, supported by forecasts of localized heat.
However, it fell back to USD 3.1/MBtu on 17 June following weather forecasts indicating more moderate temperatures over the next two weeks. Subsequently, it rebounded after the EIA storage report released on 18 June showed a build significantly below market expectations, rising to around USD 3.3/MBtu on 19 June.
The EIA Weekly Natural Gas Storage Report released on 18 June showed U.S. natural gas inventories as of 12 June at 2,759 Bcf, up 73 Bcf from the previous week, down 1.0% from the same period last year, and 5.8% above the five-year average.
Source: JOGMEC
Updated: 22 June 2026
