Natural gas prices eased in Asia and Europe last week as geopolitical risk premiums declined and supply conditions improved. JKM and TTF retreated from recent highs, while Henry Hub edged higher on robust LNG feedgas demand.
Asia – JKM
The Northeast Asian assessed spot LNG price JKM for last week (14–18 September) fell to low-USD 27s/MBtu on 18 September (November delivery) from mid-USD 28s/MBtu the previous weekend (11 September, October delivery).
At the beginning of the week, JKM rose by more than USD 1/MBtu to high-USD 29s/MBtu amid escalating tensions in the Middle East. However, it subsequently turned lower as geopolitical risk premiums eased following indications from the U.S. that it was open to negotiations with Iran.
It continued to decline throughout the week due to ample inventories and subdued spot demand in Northeast Asia, as well as limited incremental buying interest during the shoulder season. As a result, JKM fell to low-USD 27s/MBtu by 18 September.
Despite the decline, downside pressure was limited as market fundamentals remained relatively tight. Arbitrage opportunities for U.S. LNG cargoes into Asia remained uneconomic, constraining incremental supply flows to the region and providing some support to prices.
METI announced on 16 September that Japan’s LNG inventories for power generation as of 13 September stood at 2.49 million tonnes, up 0.07 million tonnes from the previous week.
Europe – TTF
The European gas price TTF (October delivery) for last week (14–18 September) fell to USD 26.7/MBtu on 18 September from USD 27.0/MBtu the previous weekend (11 September).
At the beginning of the week, TTF rose on concerns over supply disruptions stemming from escalating tensions in the Middle East, winter hedging activity and continued injections into underground gas storage facilities. It reached USD 27.8/MBtu on 14 September, its highest level since December 2022.
It subsequently moved lower as geopolitical risk premiums eased following indications of potential negotiations between the U.S. and Iran, increased Norwegian gas supply and forecasts for warmer weather across Europe.
TTF fell to USD 25.7/MBtu on 17 September amid rising LNG imports into Europe and expectations of higher wind power generation. However, it rebounded on 18 September as market participants remained concerned about relatively low gas inventories ahead of winter, ultimately settling at USD 26.7/MBtu.
According to AGSI+, EU-wide underground gas storage was 69.3% on 18 September, up from 67.8% the previous weekend, down 15.2% from the same period last year and down 18.8% from the five-year average.
United States – Henry Hub
The U.S. gas price HH (October delivery) for last week (14–18 September) rose to USD 2.9/MBtu on 18 September from USD 2.8/MBtu the previous weekend (11 September).
At the beginning of the week, HH rose to around USD 2.9/MBtu, supported by expectations of stronger LNG export demand amid escalating tensions in the Middle East and forecasts that warm weather would sustain gas consumption in the power sector.
It later came under pressure from declining domestic demand associated with the shoulder season and forecasts for cooler temperatures in the latter half of September.
However, losses were limited as LNG feedgas demand remained robust, allowing HH to continue trading near the USD 2.9/MBtu level throughout much of the week.
The EIA Weekly Natural Gas Storage Report released on 17 September showed U.S. natural gas inventories as of 11 September at 3,298 Bcf, up 44 Bcf from the previous week, down 3.6% from the same period last year and 3.7% above the five-year average.
Source: JOGMEC
Updated: 24 September 2026
The post Natural gas prices weekly update – JKM, TTF and Henry Hub (24 September 2026) first appeared on Global LNG Hub.