Natural gas prices showed mixed movement last week, with Asian LNG (JKM) and European gas (TTF) rising on supply concerns, while U.S. Henry Hub prices declined slightly amid sufficient inventories.
The Northeast Asian assessed spot LNG price JKM for last week (20–24 April) rose to low-USD 17s/MBtu on 24 April (June delivery) from low-USD 16s/MBtu the previous weekend (17 April).
At the beginning of the week, JKM fell to low-USD 15s/MBtu on 21 April amid declining spot LNG demand in Northeast Asia. Later in the week, despite the announcement of an extension to the ceasefire in the Middle East, prices began to rise again as market sentiment weakened due to the continued blockade of the Strait of Hormuz.
Furthermore, concerns over industrial action at the Ichthys LNG project in Australia fueled the price increase, pushing prices to low-USD 17s/MBtu on 24 April.
METI announced on 22 April that Japan’s LNG inventories for power generation as of 19 April stood at 2.22 million tonnes, down 0.07 million tonnes from the previous week.
The European gas price TTF for last week (20–24 April, May delivery) rose to USD 15.4/MBtu on 24 April from USD 13.4/MBtu the previous weekend (17 April).
Prices trended upward throughout the week, driven by continued supply constraints resulting from intermittent planned and unplanned outages at several gas production facilities in Norway, as well as growing concerns over the ongoing blockade of the Strait of Hormuz.
Expectations of further cooling and a decline in renewable energy generation supported the upward trend, pushing prices to USD 15.4/MBtu by 24 April.
According to AGSI+, EU-wide underground gas storage was 31.19% on 24 April, up from 29.9% the previous weekend, but down 17.5% year-on-year and 28.4% below the five-year average.
The U.S. gas price Henry Hub (HH) for last week (20–24 April, May delivery) fell to USD 2.6/MBtu on 24 April from USD 2.7/MBtu the previous weekend (17 April).
At the beginning of the week, prices rose to USD 2.7s/MBtu due to increased demand driven by forecasts of above-average temperatures.
Later, prices declined to USD 2.6s/MBtu as inventory levels remained sufficient and demand stayed seasonally weak.
The EIA Weekly Natural Gas Storage Report (23 April) showed U.S. inventories at 2,063 Bcf as of 17 April, up 103 Bcf week-on-week, 7.4% higher year-on-year, and 7.1% above the five-year average.
Source: JOGMEC
Updated date: 27 April 2026
