Global LNG prices softened last week, with JKM slipping into the high-USD 10s amid sluggish pre-winter demand, while TTF moved only marginally as mild weather kept fundamentals comfortable. Henry Hub firmed on colder weather forecasts and stronger feed-gas demand.
The Northeast Asian assessed spot LNG price JKM (December delivery) for last week (10 – 14 November) fell to high-USD 10s/MBtu on 14 November from low-USD 11s/MBtu the previous weekend (7 November). Demand remains sluggish ahead of the winter season, JKM continued to move slightly around the low-USD 11/MBtu range. Despite the forecast of falling temperatures, additional procurement demand was limited and the price fell to the high-USD 10/MBtu range on 14 November. METI announced on 12 November that Japan’s LNG inventories for power generation as of 9 November stood at 1.96 million tonnes, down 0.02 million tonnes from the previous week.
The European gas price TTF (December delivery) for last week (10 – 14 November) rose to USD 10.7/MBtu on 14 November from USD 10.6/MBtu the previous weekend (7 November). TTF weakened due to stable supply, strong wind power generation, and mild weather, hitting USD 10.4/MBtu on 13 November, its lowest level since May 2024. It then rebounded to USD 10.7/MBtu as forecasts pointed to falling temperatures across Europe. According to AGSI+, the EU-wide underground gas storage was 82.1% on 14 November, down from 82.7% the previous weekend, down 10.9% from the same period last year, and down 8.9% over the five-year average.
The U.S. gas price HH (December delivery) for last week (10 – 14 November) rose to USD 4.6/MBtu on 14 November from USD 4.3/MBtu the previous weekend (7 November). HH rose to USD 4.6/MBtu at the start of the week due to forecasts of low temperatures continuing until mid-November and increased demand for feed gas to LNG liquefaction terminals. The price continued to fluctuate around this level thereafter. The EIA Weekly Natural Gas Storage Report released on 14 November showed U.S. natural gas inventories as of 7 November at 3,960 Bcf, up 45 Bcf from the previous week, down 0.2% from the same period last year, and 4.5% increase over the five-year average.
Updated: 17 November 2025
Source: JOGMEC
The post Global LNG prices ease as JKM dips and TTF stabilises | 10–14 November 2025 first appeared on Global LNG Hub.