Natural gas prices moved lower last week, with JKM and TTF declining on peace-talk optimism and weaker demand, while Henry Hub remained broadly unchanged.
The Northeast Asian assessed spot LNG price JKM (June delivery) for last week (4 – 8 May) fell to high-USD 16s/MBtu on 8 May from low-USD 18s/MBtu the previous weekend (30 April).
At the beginning of the week, JKM fell to mid-USD 17s/MBtu amid optimism surrounding a new peace proposal from Iran, but rebounded to low-USD 18s/MBtu by 5 May amid rising Middle East tensions, including an attack on a South Korean cargo ship. However, it moved lower again on progress in U.S.-Iran peace talks, while weaker demand in Northeast Asia during the Golden Week holidays also weighed on the market.
JKM declined to high-USD 16s/MBtu by 7 May, where it remained on 8 May. METI did not announce Japan’s LNG inventory data for power generation for the week of 4 May.
The European gas price TTF for last week (4 – 8 May, June delivery) fell to USD 15.2/MBtu on 8 May from USD 15.7/MBtu the previous weekend (1 May).
At the beginning of the week, TTF rose to USD 16.5/MBtu amid Russian attacks on Ukrainian gas facilities and rising Middle East tensions. It then moved lower on growing expectations of progress in U.S.-Iran peace talks and, despite reports of unplanned maintenance at several gas-related facilities in Norway, declined to USD 15.0/MBtu by 7 May amid lower gas-fired power demand caused by cooler temperatures across Europe.
It edged slightly higher on 8 May but ended the session at USD 15.2/MBtu. According to AGSI+, the EU-wide underground gas storage was 34.7% on 8 May, up from 33.1% the previous weekend, down 17.0% from the same period last year, and down 25.9% over the five-year average.
The U.S. gas price HH for last week (4 – 8 May) was almost unchanged at USD 2.8/MBtu on 8 May from USD 2.8/MBtu the previous weekend (1 May).
At the beginning of the week, HH rose to USD 2.9/MBtu on 4 May amid declining production, steady LNG demand and cooler temperatures across the U.S. Midwest and Northeast. It subsequently moved lower on weak demand during the shoulder season, falling to USD 2.7/MBtu by 6 May.
It edged slightly higher after gas storage injection data released on 7 May came in below expectations, with HH ending the period around USD 2.8/MBtu. The EIA Weekly Natural Gas Storage Report released on 7 May showed U.S. natural gas inventories as of 1 May at 2,205 Bcf, up 63 Bcf from the previous week, up 3.5% from the same period last year, and 6.7% increase over the five-year average.
Source: JOGMEC
Updated date: 11 May 2026
