Natural gas prices continued to show mixed movements across Asia, Europe and the United States during the latest trading week. Asian LNG prices increased due to Middle East supply concerns, while European and U.S. natural gas prices also recorded moderate gains amid tightening supply expectations and inventory updates.
The Northeast Asian assessed spot LNG price JKM (June delivery) for last week (27 April – 30 April) rose to low-USD 18s/MBtu on 30 April from low-USD 17s/MBtu the previous weekend (24 April). At the beginning of the week, JKM remained firm due to increased buying interest in Asia and other regions, although gains were limited by the view that sufficient LNG inventories had been secured in Northeast Asia, including Japan.
On 29 April, JKM fell to high-USD 16s/MBtu due to weak additional buying interest in Northeast Asia and stable supply-demand fundamentals. However, it subsequently rebounded to low-USD 18s/MBtu on 30 April as concerns intensified over prolonged closure of the Strait of Hormuz amid escalating tensions in the Middle East.
METI announced on 30 April that Japan’s LNG inventories for power generation as of 26 April stood at 2.16 million tonnes, down 0.06 million tonnes from the previous week.
The European gas price TTF for last week (27 April – 1 May) rose to USD 15.7/MBtu on 1 May (June delivery) from USD 15.4/MBtu the previous weekend (24 April, May delivery).
At the beginning of the week, TTF declined slightly on the back of stable gas supplies from Norway and warm weather conditions, but rose to low-USD 16s/MBtu on 29 April due to concerns over tightening supply-demand balances and the impact of maintenance activities.
On 30 April, it fell back to high-USD 15s/MBtu due to warm weather and increased injections into underground gas storage facilities. However, supported by expectations of reduced Norwegian gas supplies and forecasts for colder weather from next week onward, TTF maintained the same level on 1 May.
According to AGSI+, the EU-wide underground gas storage was 33.1% on 1 May, up from 31.2% the previous weekend, down 17.0% from the same period last year, and down 26.6% over the five-year average.
The U.S. gas price HH for last week (27 April – 1 May) rose to USD 2.8/MBtu on 1 May (June delivery) from USD 2.5/MBtu the previous weekend (24 April, May delivery).
At the beginning of the week, HH moved within a narrow range around USD 2.6/MBtu as mild weather conditions kept both heating and cooling demand weak.
On 30 April, HH rose due to a gap associated with the rollover to the June contract. It then continued to increase following the release of lower-than-expected U.S. natural gas inventory levels as of 24 April, reaching USD 2.8/MBtu on 1 May.
The EIA Weekly Natural Gas Storage Report released on 30 April showed U.S. natural gas inventories as of 24 April at 2,142 Bcf, up 79 Bcf from the previous week, up 5.7% from the same period last year, and 7.7% increase over the five-year average.
Source: JOGMEC
Updated date: 7 May 2026
