Natural Gas and LNG: TTF, JKM, Henry Hub Daily — 2026-09-06
European gas prices have surged to multi-year highs, with TTF topping €70 for the first time since January 2023 due to Middle East tensions and low storage levels. Meanwhile, Asian spot LNG prices have reached their highest levels since December 2022 as Qatar’s force majeure and Strait of Hormuz disruptions force buyers to scramble for alternative cargoes. <!-- /headline --> **Hormuz Crisis Drives Global Gas Prices to Multi-Year Highs** <!-- /headline -->
Natural Gas and LNG: TTF, JKM, Henry Hub Daily — 2026-09-06
European gas prices have surged to multi-year highs, with TTF topping €70 for the first time since January 2023 due to Middle East tensions and low storage levels. Meanwhile, Asian spot LNG prices have reached their highest levels since December 2022 as Qatar’s force majeure and Strait of Hormuz disruptions force buyers to scramble for alternative cargoes.
<!-- /headline -->Hormuz Crisis Drives Global Gas Prices to Multi-Year Highs
<!-- /headline -->Top developments
TTF Breaks €70 Barrier Amid Geopolitical Tensions
The benchmark Dutch TTF natural gas price rose above €70 per megawatt-hour on August 31, reaching its highest level since January 2023. This surge was driven by renewed fighting between the US and Iran, which raised concerns about further delays to LNG exports from the Persian Gulf and pushed oil prices higher. The spike marks a significant shift in European market sentiment, signaling a return to volatility not seen in over three years.
Asian Spot LNG Hits Highest Level Since 2022
Asian spot LNG prices (JKM) have climbed to their highest level since December 2022, rising approximately 5% in a single week. The escalation is attributed to Qatar’s extended force majeure declaration and the continued blockage of shipping through the Strait of Hormuz, which has disrupted supplies from the world’s second-largest LNG seller. Buyers in Asia are now competing fiercely for replacement cargoes, driving prices up despite some demand destruction.
US Storage Injections Continue Above Average
U.S. natural gas storage inventories increased by 30 Bcf for the week ending August 28, according to the American Gas Association. Inventories remain above the five-year average, supported by record production that has largely kept pace with stronger LNG exports and weather-driven demand. This stability in US supply contrasts sharply with the tightness in global markets, helping to keep Henry Hub prices relatively contained compared to international benchmarks.
Europe Heads Into Winter With Historically Low Storage
European gas storage levels stood at approximately 65.39% full as of September 1, refilling at a slow pace of about +0.30 points per day. This level is historically low for this time of year, raising concerns about potential price spikes this winter if LNG flows remain disrupted. The deficit in storage capacity amplifies the impact of any further supply shocks, particularly those originating from the Middle East.
Local view
German media outlets are highlighting the dependency risks associated with increased LNG imports from the United States. Tagesschau reports that German gas storage facilities are emptier than ever for this time of year, making the country increasingly reliant on US LNG deliveries. This shift raises questions about long-term energy security and diversification away from traditional pipeline sources. Meanwhile, DIE ZEIT notes that the recent escalation in the Iran war has exacerbated fears of supply interruptions, further tightening the market and driving prices to three-year highs.
Context & numbers
- TTF Price: Surpassed €70/MWh on August 31, the first time since January 2023.
- JKM Price: Rose to nearly $26/MMBtu by early September, up 5% in one week.
- EU Storage: ~65.39% full as of September 1, significantly below the 5-year average and the 80% November 1 target trajectory.
- US Storage: +30 Bcf injection for the week ending August 28; inventories remain above the five-year average.
On the radar
- Qatar Force Majeure: Qatar’s force majeure declaration has been extended to November, keeping supply uncertainty high for Asian and European buyers.
- China Import Trends: China’s August LNG imports are set to drop by approximately 18% year-over-year as high prices suppress demand, potentially freeing up some cargoes but also signaling economic sensitivity to price spikes.
- Winter Price Forecasts: Analysts warn that if storage levels do not improve, European gas prices could top €100 this winter, driven by the combination of low inventory and geopolitical risk premiums.
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