Japan LNG resales hit record as companies expand overseas trading
February 25, 2026
Global gas prices showed mixed movements last week, with Asian LNG strengthening on renewed buying interest, while European and US benchmarks softened amid milder weather, stronger supply and improved market conditions.
The Northeast Asian spot LNG benchmark JKM (April delivery) rose to the low-USD 11s/MMBtu on 20 February from the high-USD 10s/MMBtu the previous weekend (13 February, March delivery). Prices initially fell to the mid-USD 10s/MMBtu early in the week due to weaker demand during the Lunar New Year holidays. In the latter half of the week, buying activity increased across Northeast and Southeast Asia, lifting prices. Demand strengthened in Japan due to unplanned outages at coal-fired power plants, while South Korea, Taiwan and Thailand also procured spot cargoes. Diversions of cargoes from West Africa and Australia toward Europe tightened regional supply. METI reported Japan’s LNG inventories for power generation at 2.00 million tonnes as of 15 February, up 0.11 million tonnes week-on-week.
European TTF prices (March delivery) fell to USD 11.0/MMBtu on 20 February from USD 11.3/MMBtu the previous weekend (13 February). Prices declined early in the week on increased LNG supply and easing geopolitical risk linked to progress in U.S.–Iran peace negotiations. TTF then rebounded mid-week on colder weather forecasts and an unplanned outage at a Norwegian gas facility, before easing again as forecasts turned warmer and wind generation strengthened. According to AGSI+, EU-wide gas storage stood at 31.1% on 20 February — down from 34.4% the previous weekend, 25.3% below last year and 34.5% below the five-year average.
US Henry Hub prices (March delivery) fell to USD 3.0/MMBtu on 20 February from USD 3.2/MMBtu the previous weekend (13 February). Prices weakened early in the week on mild weather forecasts and declining demand. Ample supply conditions kept the market soft, with prices briefly dipping into the USD 2s/MMBtu range on 19 February for the first time since October 2025, though overall fluctuations remained narrow around the USD 3/MMBtu level. The EIA reported US gas inventories at 2,070 Bcf as of 13 February — down 144 Bcf week-on-week, 2.8% below last year and 5.6% below the five-year average.
Source: JOGMEC
