Natural Gas and LNG: TTF, JKM, Henry Hub Daily — 2026-09-13
European natural gas prices surged to multi-year highs this week, with the Dutch TTF benchmark breaching €80/MWh for the first time since the 2022 crisis, driven by critically low storage levels and disrupted Middle East LNG flows. Asian spot prices (JKM) mirrored this rally, hitting their highest levels since late 2022 as buyers scramble for replacement cargoes, while US Henry Hub remained relatively stable near $2.8/MMBtu despite robust export demand. The widening price gap has intensified pressure on European utilities to secure winter supply at premium costs.
Natural Gas and LNG: TTF, JKM, Henry Hub Daily — 2026-09-13
Top developments
TTF breaches €80/MWh amid historic storage deficit
On September 9, 2026, the Dutch Title Transfer Facility (TTF) front-month contract reached €80 per megawatt-hour, its highest level since 2022. This surge is primarily attributed to EU gas storage standing at approximately 67%, significantly below the typical seasonal average of 84% and the relaxed 80% November 1 refill target. The deficit forces European buyers to compete aggressively with Asian markets for spot LNG cargoes, shifting pricing power decisively toward LNG sellers.
Asian JKM hits highest level since 2022 on supply fears
Asian spot LNG prices (JKM) soared to their highest level since end-December 2022 due to an escalation of conflict in the Middle East, which has disrupted shipping through the Strait of Hormuz. This disruption has forced major Asian buyers, including those in China, Japan, and Korea, to bid up prices for non-Qatari cargoes. The resulting tightness in the Atlantic basin has created a feedback loop, pulling more LNG away from Europe and exacerbating the TTF price spike.
Pakistan fails third consecutive spot cargo tender
Pakistan’s energy crisis deepened this week as the country failed for the third consecutive time to secure spot LNG cargoes in recent tenders. The inability to attract sellers highlights the extreme competitiveness of the global LNG market, where high freight costs and geopolitical risks deter traders from delivering to smaller or higher-risk markets. This failure underscores the broader trend of "buyer's remorse" in Asia, where even traditional buyers are being priced out or facing logistical hurdles.
US-Europe price gap widens to 12x
The price differential between European and US wholesale gas has widened dramatically, with Europe paying roughly 12.2 times more than the US. With TTF hovering around €80/MWh and Henry Hub near $2.8/MMBtu, the spread reflects the severe supply constraints in Europe compared to the well-supplied US market. This arbitrage opportunity is driving record US LNG exports, but infrastructure bottlenecks and competition from Asia limit how much relief can flow to Europe.
Local view
German media outlets are highlighting the urgency of filling domestic storage facilities amidst soaring costs. n-tv reports that TTF prices are climbing due to concerns over LNG supply stability, noting that early trading sessions saw the Dutch reference contract holding steady near €79.21 before further gains. Meanwhile, DIE ZEIT cites comparison portal Verivox, which warns that German household gas prices could rise by 10–20% at the turn of the year, directly blaming low storage levels and geopolitical risks for the anticipated hikes.
Context & numbers
- EU Storage Level: Approximately 66.6% full as of early September, refilling at a slow pace of ~0.29 points per day. This is historically low for this time of year.
- Henry Hub Price: Stabilizing around $2.8/MMBtu, supported by strong US production and moderate domestic demand growth.
- TTF Price: Broke through €80/MWh on September 9, 2026.
- JKM Trend: Hit multi-year highs as Asian buyers compete for limited non-Middle East cargoes.
On the radar
- Iran-Oman Shipping Deal: Traders are closely awaiting details on any potential agreements regarding shipping through the Strait of Hormuz, which could ease supply bottlenecks.
- Winter Storage Targets: The EU’s relaxed 80% November 1 target is now in jeopardy; failure to meet it could trigger emergency measures or further price spikes in Q4.
- Qatar North Field Delays: Continued delays in Qatar’s North Field expansion projects are tightening long-term supply outlooks, keeping forward curve premiums elevated.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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