1. Executive Summary
1.1 Global LNG Price Environment
1.2 Key Weekly Price Movements
1.3 JKM Price Developments
1.4 TTF Price Developments
1.5 Henry Hub Price Developments
1.6 Global LNG Supply Constraints
1.7 European Storage Position
1.8 Asia–Europe Price Convergence
1.9 Key Geopolitical and Shipping Developments
1.10 Four-Week LNG Price Outlook
2. Weekly LNG Price Performance
2.1 JKM Front-Month Price Performance
2.2 JKM November Contract Performance
2.3 JKM Contract Roll and Its Impact on Weekly Comparisons
2.4 JKM Daily Price Movements
2.5 TTF Front-Month Price Performance
2.6 TTF Daily Price Movements
2.7 Henry Hub Price Performance
2.8 Week-on-Week Benchmark Price Changes
2.9 JKM–TTF Price Spread
2.10 JKM–Henry Hub Price Spread
2.11 Weekly LNG and Gas Benchmark Snapshot
2.12 Recent JKM and TTF Price Trends
3. Year-to-Date and Monthly LNG Price Context
3.1 52-Week JKM Price Range
3.2 2026 JKM Price Evolution
3.3 Impact of the March Ras Laffan Strikes
3.4 Early-Summer LNG Price Correction
3.5 Late-August and September Price Rally
3.6 JKM Price Change Since August 24, 2026
3.7 TTF Price Change Since August 24, 2026
3.8 Seasonal Winter Procurement Requirements
3.9 Global LNG Supply Expectations versus Actual Availability
3.10 Comparison of Spring and Autumn LNG Price Drivers
4. Asia LNG Market: JKM and Regional Demand
4.1 JKM Spot Price Development
4.2 JKM Multi-Year Highs
4.3 Japanese LNG Procurement and Inventory Position
4.4 Northeast Asian Utility Demand
4.5 South Asian LNG Demand
4.6 Southeast Asian LNG Demand
4.7 Buyer Price Sensitivity
4.8 LNG Demand Elasticity at Elevated Prices
4.9 Asian Winter Procurement Requirements
4.10 Outlook for Asian Spot LNG Demand
5. European LNG Market: TTF and Storage
5.1 Dutch TTF Price Performance
5.2 European Underground Gas Storage Levels
5.3 EU Storage versus Winter Refill Benchmark
5.4 Weekly Storage Injection Performance
5.5 Required LNG Imports for Winter Preparation
5.6 Norwegian Gas Supply and Maintenance
5.7 Impact of Low Wind Generation
5.8 European LNG Demand and Price Sensitivity
5.9 TTF as a Marginal LNG Price Setter
5.10 European Winter Supply Risk
6. United States LNG Market
6.1 Henry Hub Price Performance
6.2 US Natural Gas Storage Position
6.3 Weekly US Storage Injection
6.4 Storage versus Five-Year Average
6.5 US Domestic Gas Supply Conditions
6.6 US LNG Export Performance
6.7 Cheniere Energy LNG Production and Exports
6.8 US LNG Export Capacity Outlook
6.9 US LNG Economics at Elevated International Prices
6.10 US LNG Flexibility as a Swing Supply Source
7. Middle East LNG Supply and Geopolitical Risk
7.1 Qatar's Role in Global LNG Supply
7.2 Damage to QatarEnergy Export Infrastructure
7.3 Impact on Qatari Liquefaction Capacity
7.4 Expected Qatar LNG Export Volumes in 2026
7.5 Strait of Hormuz Transit Constraints
7.6 LNG Shipping and Security Risks
7.7 War-Risk Insurance and Shipping Costs
7.8 Impact of Diplomatic Developments
7.9 Global Spare Liquefaction Capacity
7.10 Structural versus Temporary Supply Constraints
7.11 Implications for Global LNG Price Risk Premium
8. Inter-Hub Price Spreads and LNG Trade Flows
8.1 JKM–TTF Spread Development
8.2 JKM–Henry Hub Spread
8.3 TTF–Henry Hub Spread
8.4 US-to-Asia LNG Arbitrage
8.5 US-to-Europe LNG Arbitrage
8.6 Shipping Economics to Asia
8.7 Cape of Good Hope Routing Considerations
8.8 Atlantic Basin Cargo Flows
8.9 Pacific Basin Supply Availability
8.10 Potential Cargo Redirection under Wider Spreads
8.11 Regional Implications for South Asian Importers
8.12 Implications for Chinese LNG Buyers
8.13 Japanese and Korean Procurement Behaviour
9. Global LNG Price Driver Map
9.1 Key Bullish Price Drivers
9.2 Key Bearish Price Drivers
9.3 Strait of Hormuz Transit Constraints
9.4 Lost Qatari LNG Capacity
9.5 European Storage Deficit
9.6 Diplomatic Contacts and De-escalation Risk
9.7 US LNG Production Growth
9.8 Demand Destruction among Price-Sensitive Buyers
9.9 Interaction between Supply and Demand Drivers
9.10 Net LNG Market Price Bias
9.11 Headline Risk and Short-Term Price Volatility
10. Early Week 39 Market Signals
10.1 Early Week 39 JKM Price Movement
10.2 Early Week 39 TTF Price Movement
10.3 Henry Hub Price Movement
10.4 US–Iran Diplomatic Developments
10.5 LNG Risk-Premium Unwinding
10.6 Storage and Early Heating-Demand Signals
10.7 Implications for the Physical LNG Balance
11. LNG Price Outlook: Next Four Weeks
11.1 Base-Case JKM Price Scenario
11.2 Base-Case TTF Price Scenario
11.3 Base-Case Market Assumptions
11.4 Bull-Case LNG Price Scenario
11.5 Bull-Case Supply and Weather Triggers
11.6 Bear-Case LNG Price Scenario
11.7 Bear-Case De-escalation Scenario
11.8 Qatar LNG Recovery Risks
11.9 Strait of Hormuz Disruption Risks
11.10 European Storage and Injection Risks
11.11 Asian Winter Demand Risks
11.12 Norwegian Supply Risks
11.13 Key Indicators to Monitor
11.14 Implications for LNG Buyers
11.15 Implications for Traders and Portfolio Managers
12. Frequently Asked Questions
12.1 What Was the JKM LNG Price at the End of Week 38, 2026?
12.2 How Did TTF Prices Perform During Week 38?
12.3 What Happened to Henry Hub Prices?
12.4 Why Are Global LNG Prices Elevated in 2026?
12.5 What Is the Impact of Qatar's Lost LNG Capacity?
12.6 How Is the Strait of Hormuz Affecting LNG Markets?
12.7 Is US LNG Flowing to Asia or Europe?
12.8 Why Has the JKM–TTF Spread Narrowed?
12.9 What Is the Current European Storage Position?
12.10 What Is the Near-Term LNG Price Outlook?
List of Tables
Table 1: Weekly LNG and Gas Benchmark Snapshot
Table 2: JKM Daily and Contract-Roll Price Performance
Table 3: TTF Weekly Price Performance
Table 4: Henry Hub Price and US Storage Indicators
Table 5: Regional LNG Storage and Inventory Indicators
Table 6: Global LNG Supply Capacity and Disruptions
Table 7: Inter-Hub Price Spreads
Table 8: Key Bullish and Bearish LNG Price Drivers
Table 9: Four-Week LNG Price Scenarios
List of Figures
Figure 1: JKM Front-Month Futures and Assessed Week-End Spot Levels
Figure 2: Dutch TTF Front-Month Prices in EUR/MWh and USD/MMBtu
Figure 3: JKM, TTF and Henry Hub Week-End Prices
Figure 4: JKM–TTF, TTF–Henry Hub and JKM–Henry Hub Spreads
Figure 5: Gas Inventory Indicators for Europe, the United States and Japan
Figure 6: Qatar LNG Capacity, Undamaged Capacity and Expected 2026 Exports
Figure 7: Epignosis Insights LNG Price Driver Map
Figure 8: Four-Week JKM Price Scenarios
Sources and References
LNG Benchmark Price Sources
European Gas Storage Data
US Natural Gas Storage and Production Data
LNG Producer and Exporter Disclosures
Qatar LNG Supply and Infrastructure Data
LNG Shipping and Trade Flow Sources
Geopolitical and Macroeconomic Sources