Natural gas prices rose sharply across Northeast Asia and Europe during the week of 13–17 July as escalating tensions around the Strait of Hormuz increased concerns over LNG supply disruptions. Henry Hub prices remained broadly stable as strong US production and moderate cooling demand kept the domestic market balanced.
Asia – JKM
The Northeast Asian assessed spot LNG price JKM for August delivery rose to the high-USD 20s/MBtu on 17 July, compared with the high-USD 17s/MBtu the previous weekend on 10 July.
At the start of the week, prices increased to the mid-USD 19s/MBtu amid continued disruptions around the Strait of Hormuz after Iran attacked two UAE tankers, heightening concerns over LNG shipments transiting the strait.
From 15 July onward, fears of supply disruptions intensified as tensions between the United States and Iran escalated once again, pushing prices into the low-USD 20s/MBtu on 15 July. Prices continued to climb amid ongoing hostilities between the two countries, reaching the high-USD 20s/MBtu by 17 July.
METI announced on 15 July that Japan’s LNG inventories for power generation stood at 2.42 million tonnes as of 12 July, an increase of 0.08 million tonnes from the previous week.
Europe – TTF
The European gas price TTF for August delivery rose to USD 19.2/MBtu on 17 July, compared with USD 16.3/MBtu the previous weekend on 10 July.
At the start of the week, prices increased to USD 17.7/MBtu, supported by growing concerns over navigation through the Strait of Hormuz and forecasts for higher temperatures across Europe.
Prices continued to climb amid persistent geopolitical tensions in the Middle East and below-average gas injections into underground storage facilities, reaching USD 18.4/MBtu on 16 July.
On 17 July, concerns over regional energy security intensified after a major Russian drone attack targeted gas production facilities operated by Ukraine’s state-owned energy company Naftogaz. The market priced in an additional risk premium, pushing TTF prices to USD 19.2/MBtu.
According to AGSI+, EU-wide underground gas storage was 53.4% full on 10 July, up from 51.1% the previous weekend. The level was 17.0 percentage points below the same period last year and 22.4 percentage points below the five-year average.
United States – Henry Hub
The US Henry Hub gas price for August delivery was broadly unchanged at USD 2.9/MBtu on 17 July, remaining flat compared with the previous weekend on 10 July.
Throughout the week, prices remained rangebound at around USD 2.9/MBtu. Robust domestic gas production and the absence of widespread extreme heat across the United States limited growth in cooling demand and kept market fundamentals largely balanced.
The EIA Weekly Natural Gas Storage Report released on 16 July showed that US natural gas inventories stood at 3,024 Bcf as of 10 July. Stocks increased by 41 Bcf from the previous week, were 0.7% below the same period last year and remained 6.4% above the five-year average.
Source: JOGMEC
Updated: 21 July 2026
The post Natural gas prices weekly update – JKM, TTF and Henry Hub (21 July 2026) first appeared on Global LNG Hub.