Natural gas prices rose across Asia, Europe and the United States in the week of 26-30 October 2026, supported by stronger winter demand expectations and renewed supply concerns, according to the weekly price update published by Global LNG Hub and sourced from JOGMEC. The Northeast Asian spot LNG benchmark JKM and the European benchmark TTF climbed on colder weather forecasts and Middle East disruptions, while the U.S. benchmark Henry Hub gained after the contract rolled over to December delivery, despite mild U.S. weather expectations. In Asia, the JKM assessment for December delivery rose to the low-USD 34s/MBtu on 30 October, from the high-USD 31s/MBtu recorded the previous weekend (23 October).
Early in the week, JKM rose to the low-USD 33s/MBtu on 26 October, driven by higher European gas prices linked to falling temperatures and low underground gas storage levels in Europe. It then declined to the mid-USD 32s/MBtu on 29 October, as weak spot demand from Northeast Asian buyers amid high prices and the return to the market of some cargoes previously affected by disruptions around the Strait of Hormuz weighed on the benchmark. JKM rebounded to the low-USD 34s/MBtu on 30 October, due to rising winter demand and renewed concerns over supply risks from the Middle East.
Separately, METI reported on 28 October that Japan's LNG inventories for power generation stood at 2.15 million tonnes as of 25 October, down 0.38 million tonnes from the previous week. In Europe, the TTF price for December delivery rose to USD 34.0/MBtu on 30 October, from USD 30.8/MBtu the previous weekend (23 October, November delivery). The benchmark started the week at USD 31.7/MBtu on 26 October, on expectations of increased gas-fired power generation following a decline in wind output and unplanned outages at Norwegian gas production facilities.
It eased to USD 31.4/MBtu on 27 October as LNG arrivals increased across Europe, before climbing to USD 32.9/MBtu on 28 October on forecasts of falling temperatures, concerns over gas supplies for next winter, and supply uncertainty linked to the shutdown of all trains at Freeport LNG in the United States and shipping disruptions in the Middle East. TTF fell to USD 32.2/MBtu on 29 October as higher LNG imports and pipeline supplies from Norway outweighed these concerns, but rose again to USD 34.0/MBtu on 30 October, when the contract rolled over to December delivery, amid growing concerns over the situation in the Middle East and the extension of an unplanned outage at the Oseberg gas field in Norway. According to AGSI+, EU-wide underground gas storage stood at 74.7% on 30 October, almost unchanged from the previous weekend, after rising to nearly 75% on 27 October.
Inventories were 10.5% lower than the same period last year and 16.8% below the five-year average. In the United States, the Henry Hub price for December delivery rose to USD 2.9/MBtu on 30 October, from USD 2.6/MBtu the previous weekend (23 October, November delivery). HH dipped to USD 2.6/MBtu on 26 October on forecasts of mild weather extending into early November, then rebounded to USD 2.7/MBtu on 27 October in a market correction following earlier declines.
On 28 October, when the contract rolled over to December delivery, HH rose to USD 3.0/MBtu on higher expectations of winter demand and rising feedgas demand for LNG exports. The source notes, however, that the impact of winter demand this year is expected to be more limited than usual, as a warmer-than-average winter in the Lower 48 states is forecast. HH subsequently declined to USD 2.9/MBtu on 30 October, following a larger-than-expected increase in gas inventories in the latest EIA storage data, a recovery in domestic gas production, and weak heating demand amid mild weather forecasts.
The EIA Weekly Natural Gas Storage Report released on 29 October showed U.S. natural gas inventories at 3,724 Bcf as of 23 October, up 80 Bcf from the previous week, 3.8% below the same period last year and 1.0% above the five-year average. Sources: Global LNG Hub, Natural gas prices weekly update – JKM, TTF and Henry Hub (2 November 2026), citing JOGMEC (journal.jogmec.go.jp); METI (statement of 28 October 2026); AGSI+ (EU underground gas storage data); U.S. EIA Weekly Natural Gas Storage Report (29 October 2026).
Source: globallnghub.com