Natural gas prices declined across major regional benchmarks last week, with JKM, TTF and Henry Hub all easing by 26 June as geopolitical risk moderated, supply conditions improved and traders responded to changing market fundamentals.
The Northeast Asian assessed spot LNG price JKM for last week (22–26 June) fell to low-USD 15s/MBtu on 26 June (August delivery) from high-USD 15s/MBtu the previous weekend (19 June, August delivery).
Early in the week, prices rose amid escalating tensions alongside progress in US–Iran peace negotiations, as well as following a gas-related facility explosion in Qatar, reaching the low-USD 16s/MBtu on 22 June.
Subsequently, prices declined on the easing of the situation due to US–Iran peace talks and expectations of increased LNG supply from Qatar, falling to the mid-USD 15s/MBtu on 24 June and further to the low-USD 15s/MBtu on 26 June.
METI announced on 24 June that Japan’s LNG inventories for power generation as of 21 June stood at 2.11 million tonnes, up 0.7 million tonnes from the previous week.
The European gas price TTF (July delivery) for last week (22–26 June) fell to USD 13.6/MBtu on 26 June from USD 14.1/MBtu the previous weekend (19 June).
At the start of the week, concerns over the impact of an explosion at gas-related facilities in Qatar and high temperatures across Europe were counterbalanced by ample gas supply from Norway, resulting in limited price movements around USD 14/MBtu.
On 25 June, prices fell to USD 13.4/MBtu on the back of abundant supply from the Norwegian continental shelf. On 26 June, prices reached USD 13.6/MBtu due to reduced supply from Norway and a decline in wind power generation.
According to AGSI+, the EU-wide underground gas storage was 48% on 26 June, up from 46.1% the previous weekend, down 16.7% from the same period last year, and down 23.2% over the five-year average.
The U.S. gas price HH (July delivery) for last week (22–26 June) fell to USD 3.2/MBtu on 26 June from USD 3.3/MBtu the previous weekend (19 June).
Early in the week, prices showed limited movement, trading in a narrow range around USD 3.2/MBtu amid mild weather conditions in the U.S. However, supported by increased feed gas flows to LNG liquefaction facilities and forecasts of rising temperatures, prices climbed to USD 3.3/MBtu on 25 June.
Nevertheless, on 26 June, prices fell back to USD 3.2/MBtu, led by profit-taking by traders ahead of the prompt-month rollover.
The EIA Weekly Natural Gas Storage Report released on 25 June showed U.S. natural gas inventories as of 19 June at 2,835 Bcf, up 76 Bcf from the previous week, down 1.7% from the same period last year, and 5.7% above the five-year average.
Source: JOGMEC
Updated: 29 June 2026
