Natural gas prices fell across Asia, Europe and the United States last week, with JKM, TTF and Henry Hub all declining amid recovering LNG supply, milder weather expectations and softer demand. While prices weakened early in the week, support emerged from South Asian cooling demand, European storage withdrawals and shifting storage dynamics.
The Northeast Asian assessed spot LNG price JKM (May delivery) for last week (30 March – 3 April) fell to high-USD 17s/MBtu on 2 April from mid-USD 20s/MBtu the previous weekend (27 March). JKM was not updated on 3 April due to the Good Friday holiday.
JKM, which was trading above USD 20/MBtu at the end of last week, fell sharply to high-USD 17/MBtu by 1 April as Australian LNG production facilities that were shut due to cyclones resumed operations and expectations grew for an easing of geopolitical tensions in the Middle East. The decline subsequently bottomed out, supported by rising cooling demand in South Asia, with JKM holding in high-USD 17/MBtu as of 2 April.
METI announced on 1 April that Japan’s LNG inventories for power generation as of 29 March stood at 2.19 million tonnes, down 0.19 million tonnes from the previous week.
The European gas price TTF for last week (30 March – 3 April) fell to USD 16.9/MBtu on 2 April (May delivery) from USD 18.3/MBtu the previous weekend (27 March, April delivery). TTF was not updated on 3 April due to the Good Friday holiday.
TTF rose early in the week due to lower temperatures and forecasts for reduced wind power generation, but subsequently declined to USD 16.2/MBtu by 1 April as gas storage levels turned higher, expectations increased for rising temperatures and a recovery in wind generation, and hopes mounted for an easing of geopolitical tensions in the Middle East. On 2 April, TTF reversed course and rose to USD 16.9/MBtu, supported by higher withdrawals from underground gas storage.
According to AGSI+, the EU-wide underground gas storage was 28.0% on 3 April, down from 28.2% the previous weekend, down 18.8% from the same period last year, and down 32.1% over the five-year average.
The U.S. gas price HH for last week (30 March – 3 April, May delivery) fell to USD 2.8/MBtu on 2 April from USD 3.1/MBtu the previous weekend (27 March, April delivery). HH was not updated on 3 April as the market was closed for the Good Friday holiday.
HH declined slightly from high-USD 2.8/MBtu to low-USD 2.8/MBtu, as rising temperatures kept demand subdued.
The EIA Weekly Natural Gas Storage Report released on 2 April showed the U.S. natural gas inventories as of 27 March at 1,865 Bcf, up 36 Bcf from the previous week, up 5.4% from the same period last year, and 3.0% above the five-year average.
Source: JOGMEC
Updated: 6 April 2026
