Natural Gas and LNG: TTF, JKM, Henry Hub Daily — 2026-09-02
European natural gas benchmark TTF surged past €70/MWh for the first time since January 2023, driven by renewed US-Iran hostilities threatening Persian Gulf LNG flows and historically low European storage levels. Meanwhile, Asian spot LNG (JKM) hit a five-month high as the Strait of Hormuz blockage forces buyers to scramble for cargoes, while US Henry Hub prices fell below $2.90/MMBtu on record domestic production.
Natural Gas and LNG: TTF, JKM, Henry Hub Daily — 2026-09-02
Top developments
European TTF Spikes Above €70 Amid Middle East Escalation
On Monday, August 31, the Dutch TTF benchmark rose above €70 per megawatt-hour, reaching its highest level since January 2023. This sharp increase was triggered by renewed fighting between the US and Iran, which raised immediate concerns about further delays to LNG exports from the Persian Gulf and pushed oil prices higher. The spike underscores the market's vulnerability to geopolitical supply shocks in key export regions.
Asia Spot LNG Hits Five-Month High on Hormuz Disruptions
Asian spot LNG prices reached a five-month high on September 1 as disruptions to flows in the Strait of Hormuz persisted. Qatar declared a force majeure situation, and shipping blockages have forced buyers across Japan, Korea, and China to compete fiercely for available cargoes. This tightness in the Asian market is creating arbitrage pressures that affect global LNG allocation and pricing dynamics for JKM benchmarks.
US Henry Hub Falls Below $2.90 on Record Production
In stark contrast to European and Asian trends, US natural gas prices at Henry Hub fell below $2.90/MMBtu due to record production levels. While a heat dome in the South supported cooling demand, overall supply remains robust enough to keep domestic prices depressed compared to international benchmarks. This divergence widens the spread between US Henry Hub and international indices like TTF and JKM, potentially boosting US LNG export competitiveness.
Europe Enters Winter with Two-Decade Low Storage Levels
Europe is heading into winter with gas storage levels at their lowest for this time of year in two decades. As of late August, EU storage was reported at approximately 82.0%, with Germany’s storage standing at just over 50%. The deficit is exacerbated by disrupted Middle East LNG flows, raising the risk that prices could top €100 this winter if supply does not stabilize.
Local view
Germany: German media outlets such as tagesschau and DIE ZEIT are highlighting the dual pressure of rising prices and low storage. tagesschau reports that European gas prices have risen more than 20% since August, reaching three-year highs, while German storage facilities remain unusually empty. Local stakeholders are concerned that the combination of low reserves and geopolitical instability could lead to significant price hikes for consumers and industry this winter.
Japan: Japanese financial commentators, including those on note.com, are focusing heavily on the Strait of Hormuz as the single most critical variable for global energy markets in 2026. Since the conflict began in February, attention has shifted to how the 30-kilometer-wide strait's status impacts Japan's LNG security, with major utilities likely facing higher spot costs due to the ongoing war between the US, Israel, and Iran.
Context & numbers
- TTF Price: Surpassed €70/MWh on August 31, 2026, the highest since January 2023.
- Henry Hub Price: Dropped below $2.90/MMBtu amid record US production.
- EU Storage Level: Approximately 82.0% full, significantly below the five-year average by roughly 19 percentage points according to independent trackers.
- German Storage Level: Reported at 50.43% in late August 2026.
- US LNG Exports: Rose 23% in H1 2026, averaging 17.4 Bcf/d, marking the fastest growth since 2016.
On the radar
- Pakistan Spot Tender: Pakistan LNG Limited has floated a fresh tender for one spot LNG cargo for delivery between September 4 and September 8, after rejecting a previous bid from BP Singapore at $26.969/MMBtu as too costly. This indicates continued stress in emerging Asian markets.
- China Import Drop: Ship-tracking data suggests China’s LNG imports will drop 18% in August compared to the previous year, as soaring prices dampen demand despite earlier recovery trends.
- Qatar North Field Delays: Construction on Qatar's North Field expansion was paused following the February 2026 Iran conflict, with operation timelines pushed back. Japanese engineering firm Chiyoda Corporation indicated staff would return in June 2026, but full ramp-up remains uncertain.
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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