The LNG price in Asia-Pacific stands at $25.79 per MMBtu on the Japan Korea Marker (JKM), up 7.1% over the past month, while the European TTF-equivalent benchmark was flat at $24.46 per MMBtu, down 0.2%, handing the premium back to Asia by $1.33 after Europe briefly led in early September. Both remain far above the US Henry Hub natural gas price of $3.035 per MMBtu that underpins US LNG export economics.
Current LNG Price
| Benchmark | Price | Unit | Change (Month) | Region | As of |
|---|---|---|---|---|---|
| JKM (Platts) — Asia spot | $25.79 | $/MMBtu | +7.06% | Asia-Pacific | 4 October 2026 |
| TTF-equivalent — Europe spot | $24.46 | $/MMBtu | -0.16% | Europe | 4 October 2026 |
| Henry Hub feedgas | $3.035 | $/MMBtu | +2.02% | United States | 4 October 2026 |
| JKM-Henry Hub spread | +$22.76 | $/MMBtu | +$1.64 | — | 4 October 2026 |
LNG price data sourced from OilPrice.com. Month-on-month changes compare with the 6 September 2026 update. The JKM-Henry Hub spread of $22.76/MMBtu reflects the liquefaction, shipping, and regasification cost stack for US LNG exports, wider still than the $21.12/MMBtu recorded in early September, pointing to continued tightness in the import markets rather than a narrowing gap.
LNG Price History
The LNG price at JKM has continued climbing into early October, up 7.1% to $25.79 and extending the sharp reversal from the brief June-July easing. The notable change this month is on the European side: the TTF-equivalent benchmark stalled at $24.46 after overtaking JKM in early September, returning the lead to Asia.
| Year | JKM Avg ($/MMBtu approx) | Notes |
|---|---|---|
| 2026 | ~$16-26 (volatile, sustained climb through Q3 into October) | Supply disruption spike; brief July retreat; renewed and extended climb since |
| 2025 | ~$12–14 | Post-2022 normalisation; new supply online |
| 2024 | ~$9–12 | Oversupply concerns; mild winters |
| 2023 | ~$10–16 | European demand surge; US export ramp |
| 2022 | ~$20–70 | Russia-Ukraine crisis; European LNG scramble |
| 2021 | ~$8–30 | Asian demand spike; supply shortage |
| 2020 | ~$3–6 | COVID demand collapse; record low LNG price |
What Is Driving the LNG Price
As of early September, six months into the conflict, the Strait of Hormuz remained severely restricted rather than fully closed. Independent ship-tracking data from Kpler and Lloyd’s List put daily transits at roughly 12-13 vessels, a fraction of the pre-war baseline of around 100 ships daily, even as US officials claimed daily convoys of 30-40 escorted ships.
Iran maintains it retains control of the waterway and will only permit pre-approved vessels through designated channels, and had reported tankers disabled by mines on routes it calls illegal; Saudi Arabia separately accused Iran of a tanker attack that killed two crew. With roughly a fifth of global LNG trade normally routed through the Strait, including volumes from Qatar’s LNG terminals, this disruption constrains cargoes available to both European and Asian buyers.
Asian buyers regained the pricing lead this month: JKM rose 7.1% while the TTF-equivalent benchmark was flat, reopening a $1.33 premium for Asia. European gas storage was at its lowest level for this time of year in nearly two decades as of early September, which keeps European demand firm ahead of the 2026-27 heating season (see Gas Infrastructure Europe’s AGSI+ platform for current stock levels), but the price data show Asia setting the pace for the same constrained cargoes this month.
The JKM-Henry Hub spread has widened further to $22.76/MMBtu from $21.12/MMBtu in early September, well above the standard liquefaction, shipping, and regasification cost stack of roughly $5-8/MMBtu. The gap points to continued genuine scarcity pricing rather than just elevated shipping costs. Infrastructure constraints, including delays at Golden Pass LNG, continue to limit the volume of new US supply reaching markets to help close that gap.
LNG Price Storage Economics
LNG storage economics are shaped by the relationship between current spot prices and the premium the market places on winter delivery relative to summer. Historically, JKM and TTF both carry a winter premium, reflecting peak heating-season demand in Asia and Europe, a structure that has directly supported active storage injection programmes at LNG regasification terminals with available capacity.
The continued climb, and JKM’s return above TTF, restores the Asia-led scarcity pricing seen through most of the year, giving Asian buyers the stronger incentive to secure and hold cargoes. That matters for the world’s largest LNG terminals, which should weigh injection economics against a $1.33 Asian premium rather than the European lead of early September.
The ranking of LNG storage companies by portfolio shows where that capacity sits, and operators with exposure to both regions have the most flexibility to respond as the premium shifts.
LNG regasification terminals across Europe and Asia should weigh injection economics against this rebalanced tightness rather than assumptions carried over from earlier in the summer.
The wider JKM-Henry Hub spread also directly affects floating storage economics. At $22.76/MMBtu, the spread is wide enough that LNG tankers loaded with US cargoes have a strong incentive to be held at sea or anchored near demand centres to arbitrage delivery timing, effectively using the vessel as floating storage. This practice competes with land-based LNG tank storage for the same economic opportunity and is closely monitored by tank terminal operators tracking market utilisation signals.
LNG Price by Region
The month’s divergence is the story: JKM rose 7.1% while the TTF-equivalent benchmark was flat, returning Asia to a $1.33 premium after Europe briefly led in early September.
| Region | Benchmark | Price | Unit | Notes |
|---|---|---|---|---|
| Asia-Pacific | JKM (Platts) | $25.79 | $/MMBtu | Japan, South Korea, China spot reference |
| Europe | TTF-equivalent | $24.46 | $/MMBtu | Now $1.33 below JKM |
| United States | Henry Hub | $3.035 | $/MMBtu | Feedgas benchmark; pre-liquefaction |
| JKM-Henry Hub spread | — | $22.76 | $/MMBtu | Reflects full US export cost stack; widened from $21.12 in early September |
LNG Price in Currency
| Currency | JKM LNG Price per MMBtu | Exchange Rate Used |
|---|---|---|
| US Dollar (USD) | $25.79 | Benchmark |
| Euro (EUR) | €22.91 | 0.88821 |
| British Pound (GBP) | £19.48 | 0.75514 |
| Japanese Yen (JPY) | ¥4,071.21 | 157.86 |
| Chinese Yuan (CNY) | ¥172.96 | 6.7063 |
| Indian Rupee (INR) | ₹2,481.82 | 96.232 |
Exchange rates are mid-market rates as at 4 October 2026. Figures rounded to two decimal places.
LNG Price Per MMBtu, MWh and Metric Tonne
| Unit | JKM LNG Price | Notes |
|---|---|---|
| Per MMBtu | $25.79 | Global LNG benchmark unit |
| Per MWh | $88.02 | 1 MMBtu = 0.293 MWh; $25.79 ÷ 0.293 |
| Per therm | $2.579 | 1 therm = 0.1 MMBtu |
| Per GJ | $24.45 | 1 MMBtu = 1.055 GJ; $25.79 ÷ 1.055 |
| Per metric tonne LNG | ~$1,408.13 | 1 metric tonne LNG ≈ 54.6 MMBtu (varies by gas composition) |
| Henry Hub feedgas equiv. | $3.035 | Pre-liquefaction US benchmark; excludes export cost stack |
LNG Price Outlook
The JKM LNG price has continued climbing into early October, up 7.1% on the month to $25.79, extending rather than reversing the pattern seen since early August. With the Strait of Hormuz still severely restricted in the latest shipping reports (early September) and both sides trading accusations of mine strikes and tanker attacks, near-term prices are likely to stay sensitive to the same headlines driving the broader crude and gas complex.
European storage refill remains a critical demand driver for the remainder of 2026, with European gas stocks at their lowest for this time of year in nearly two decades as of early September, requiring utilities to secure LNG cargoes ahead of winter 2026-27 peak demand. Competition with Asian buyers for the same cargoes tipped in Europe’s favour on price in early September but has since swung back to Asia, a pattern worth watching as winter approaches.
For LNG terminal operators, the wider JKM-Henry Hub spread and JKM’s return above TTF point toward a market where Asian-side tightness is again setting the price, even as European storage refill keeps European demand firm. Operators should weigh near-term storage and throughput decisions against both signals rather than assumptions carried over from early September.
What is the current LNG price?
The LNG price fluctuates daily based on spot trading across regional benchmarks including the Japan Korea Marker (JKM) in Asia-Pacific and TTF-derived prices in Europe. This page is updated monthly with the latest available benchmark data from CME Group and ICE. For real-time JKM prices, refer to CME Group or Platts directly.
What is the difference between JKM, TTF and Henry Hub for LNG?
Henry Hub is the US natural gas price before liquefaction — the feedgas cost for US LNG exports, currently around $3.31/MMBtu. JKM (Japan Korea Marker) is the spot price for LNG delivered to Asia-Pacific, currently $18.77/MMBtu. TTF is the European gas hub price that serves as the reference for LNG delivered into Northwest Europe, currently €48.64/MWh (approximately $16.75/MMBtu). The gap between Henry Hub and JKM reflects the full US LNG export cost stack: liquefaction, shipping, and regasification.
Why is the LNG price so much higher than natural gas?
The LNG price includes the cost of cooling natural gas to -162°C to liquefy it, transporting it by specialised LNG carrier, and regasifying it at the destination terminal — a cost stack of approximately $5–8/MMBtu on top of the feedgas price. The JKM LNG price of $18.77/MMBtu compared to Henry Hub feedgas at $3.31/MMBtu reflects this full export cost stack plus current market tightness from supply disruptions.
How does the LNG price affect LNG terminal storage demand?
When the JKM forward curve shows a winter premium — higher prices for winter delivery than summer — LNG terminal operators can profit by storing LNG during summer injection season and delivering into the higher-priced winter market. When the curve is in backwardation — as it currently is with July 2026 at $18.77 and December 2027 at $12.42 — near-term storage is commercially attractive relative to future delivery, making current LNG tank utilisation highly valuable.
What is the LNG price in different currencies?
LNG is priced in US dollars per MMBtu globally, but buyers in Japan, South Korea, Europe, and India convert to local currencies for contract settlement. This page includes a currency conversion table for the JKM LNG price covering EUR, GBP, JPY, AED, CNY, and INR, updated monthly from mid-market exchange rates.
What is the LNG price per metric tonne?
LNG is commonly traded in US dollars per MMBtu globally, but also quoted per metric tonne for shipping and storage contracts. One metric tonne of LNG contains approximately 54.6 MMBtu depending on gas composition. At the current JKM price of $18.77/MMBtu, one metric tonne of LNG equates to approximately $1,024. This page includes a full unit conversion table.
How current is the price data on this page?
LNG price data on this page is updated monthly. JKM figures reflect CME Group settlement data; TTF figures reflect ICE Futures Europe. For real-time LNG price data, refer directly to CME Group or Platts S&P Global.