Natural gas prices were mixed last week, with JKM and TTF declining on easing geopolitical concerns and weak demand, while Henry Hub edged higher. The latest weekly trend reflects softer sentiment in Asia and Europe, alongside modest gains in the U.S. market.
The Northeast Asian assessed spot LNG price JKM for last week (13 – 17 April) fell to low-USD 16s/MBtu on 17 April (June delivery) from high-USD 16s/MBtu the previous weekend (10 April, May delivery). At the beginning of the week, JKM rose to low-USD 18s/MBtu on 13 April amid concerns over heightened tensions in the Middle East following President Trump’s order to block the Strait of Hormuz.
Prices then continued to decline on expectations of progress in negotiations between the U.S. and Iran and weak demand in Northeast Asia, falling to high-USD 15s/MBtu on 15 April. Although prices rebounded later in the week due to increased spot LNG demand in South Asia, the upside remained limited due to expectations of easing tensions in the Middle East and weak demand in Northeast Asia, and JKM stood at low-USD 16s/MBtu on 17 April. METI announced on 15 April that Japan’s LNG inventories for power generation as of 12 April stood at 2.29 million tonnes, up 0.07 million tonnes from the previous week.
The European gas price TTF for last week (13 – 17 April, May delivery) fell to USD 13.4/MBtu on 17 April from USD 15.0/MBtu the previous weekend (10 April). At the beginning of the week, TTF rose to USD 15.7/MBtu on 13 April amid heightened geopolitical tensions after the first round of peace talks between the U.S. and Iran ended without progress. Prices then declined due to expectations for a second round of U.S.–Iran negotiations and reduced demand caused by rising temperatures, falling to USD 14.3/MBtu on 15 April.
Although prices temporarily rose to USD 14.6/MBtu on 16 April due to unplanned maintenance at a Norwegian gas field and forecasts of lower temperatures, TTF fell again to USD 13.4/MBtu on 17 April due to expectations of easing tensions in the Middle East and a recovery in wind power generation. According to AGSI+, the EU-wide underground gas storage was 29.5% on 17 April, up from 29.2% the previous weekend, down 17.3% from the same period last year, and down 29.5% over the five-year average.
The U.S. gas price HH for last week (13 – 17 April, May delivery) rose to USD 2.7/MBtu on 17 April from USD 2.6/MBtu the previous weekend (10 April). At the beginning of the week, HH declined due to weak demand caused by warm weather. Prices later rose due to slight production declines in Louisiana and Ohio, and moved around the high-USD 2.6s/MBtu in the latter half of the week.
The EIA Weekly Natural Gas Storage Report released on 16 April showed U.S. natural gas inventories as of 10 April at 1,970 Bcf, up 59 Bcf from the previous week, up 6.8% from the same period last year, and 5.8% increase over the five-year average.
Source: JOGMEC
Updated date: 20 April 2026
