For the Quarter Ending June 2026
Natural Gas Prices in North America
- In USA, Natural Gas Price Index rose by 50.24% quarter-over-quarter, reflecting export demand and hot weather.
- The average Natural Gas price for the quarter was approximately USD 3760.00/MT, supported by export demand.
- Natural Gas Spot Price strengthened at Gulf Coast as LNG feedgas and seasonal cooling tightened balances.
- Analyst Natural Gas Price Forecast tightened for Q3 given sustained export nominations and hotter-than-normal temperature projections.
- Observed Natural Gas Production Cost Trend remained subdued as low breakevens incentivized continued shale completions and high output.
- Natural Gas Demand Outlook improved for power generation due to early heat, supporting stronger prompt-month bids and draws.
- Tighter inventory metrics influenced the Natural Gas Price Index, reducing downside while traders increased forward cover cautiously.
- Elevated inventories and pipeline flows nevertheless kept volatility contained, moderating swings across regional hubs and export-linked spreads.
Why did the price of Natural Gas change in June 2026 in North America?
- Export-driven feedgas demand and early summer heat increased prompt-month consumption, tightening regional Gulf Coast balances.
- Robust shale production and high storage injections maintained ample supply, constraining downside despite temporary demand spikes.
- Logistics and pipeline flows remained largely unobstructed, allowing sustained deliveries even as LNG exports absorbed volumes.
Natural Gas Prices in APAC
- In China, the Natural Gas Price Index fell by 11.14% quarter-over-quarter, reflecting weaker industrial demand, imports.
- The average Natural Gas price for the quarter was approximately USD 2955/MT on an ex-Shanghai basis.
- Natural Gas Spot Price weakness tracked the Price Index, driven by cargo resales and pipeline inflows.
- Natural Gas Price Forecast indicates modest upside into summer, though inventories and abundant imports constrain gains.
- Natural Gas Production Cost Trend rose as freight and liquefaction premiums increased delivered import costs slightly.
- Natural Gas Demand Outlook points to seasonal power demand support, while industrial softness limits consumption growth.
- Inventory builds at coastal terminals weighed on the Price Index, while export resales amplified regional oversupply.
- Major producer operations remained stable, limiting outages and reducing spikes in the Natural Gas Price Index.
Why did the price of Natural Gas change in June 2026 in APAC?
- Ample LNG arrivals and steady pipeline inflows increased supply, reducing spot scarcity and pressuring prices.
- Freight and liquefaction premiums briefly elevated import costs, but not enough to offset abundant supply.
- Weaker industrial demand, city-gas buying restraint, and active cargo resales amplified downward pressure on spot values.
India
- In India, the Natural Gas Price Index fell by 11.7% quarter-over-quarter, reflecting weaker industrial demand.
- Market noted Natural Gas Spot Price softness amid ample LNG arrivals and thinner prompt buying.
Natural Gas Prices in Europe
- In Germany, the Natural Gas Price Index rose by 21.78% quarter-over-quarter, driven by supply volatility.
- The average Natural Gas price for the quarter was approximately USD 46512.33/MT, hub-weighted and volume-adjusted.
- Natural Gas Spot Price volatility reflected alternating LNG arrivals, pipeline flows, and short-term speculative positioning.
- Natural Gas Price Forecast signals volatility as seasonal injections, geopolitical risk and storage trajectories interact.
- Natural Gas Production Cost Trend showed intermittent upward pressure from feedstock and shipping cost increases.
- Natural Gas Demand Outlook remained weak for industry while storage refill obligations boosted front-month buying.
- Natural Gas Price Index movements were amplified by policy shifts, subsidy changes and market liberalisation.
- Natural Gas hub liquidity and export demand affected prompt bids; inventories eased, traders cut premiums.
Why did the price of Natural Gas change in June 2026 in Europe?
- Comfortable storage levels and ample imports reduced prompt tightness, allowing prices to decline sharply mid-June.
- Weaker industrial consumption and mild temperatures reduced gas burn, easing market demand despite refill activity.
- Geopolitical risk episodes and shipping constraints raised import costs, producing short-lived upward pressure before moderation.
Natural Gas Prices in MEA
- In Saudi Arabia, the Natural Gas Price Index fell by 12.88% quarter-over-quarter, reflecting domestic oversupply.
- The average Natural Gas price for the quarter was approximately USD 2961.00/MT, reported Q2 2026.
- Natural Gas Spot Price swings reflected transit-security premiums and shifting allocations between power and petrochemicals.
- Natural Gas Price Forecast shows near-term uncertainty as geopolitical risk competes with rising domestic supply.
- Natural Gas Production Cost Trend remained subdued, supported by low administered tariffs and steady operations.
- Natural Gas Demand Outlook strengthened into summer as electricity load and petrochemical allocations materially increased.
- Natural Gas Price Index volatility reflected security incidents, refinery disruptions, and shifting export route economics.
- Inventory and export demand constrained prompt availability while major producer operating rates shaped price support.
Why did the price of Natural Gas change in June 2026 in MEA?
- Increased summer power generation raised domestic gas burn and reduced spot volumes for industrial buyers.
- Eased LNG tightness and softer crude prices lowered cost support, weighing on domestic price index.
- Operational reliability at major processing hubs preserved supply while transit risks intermittently supported prompt-month premiums.
For the Quarter Ending March 2026
Natural Gas Prices in North America
- In USA, the Natural Gas Price Index fell by 23.17% quarter-over-quarter, amid oversupply, weak demand.
- The average Natural Gas price for the quarter was approximately USD 2502.67/ 1000 mmBtu, amid export demand.
- Natural Gas Spot Price volatility rose on export swings and weather disruptions, tightening trading conditions.
- Natural Gas Price Forecast models tightened after stronger LNG nominations and intermittent regional cold snaps.
- Natural Gas Production Cost Trend stayed subdued as drilling efficiency lowered breakevens, encouraging high deliverability.
- Natural Gas Demand Outlook weakened as milder temperatures and increased renewables reduced power-sector consumption notably.
- Inventory builds and elevated exports counterbalanced, leaving the Natural Gas Price Index rangebound amid volatility.
- Major U.S. producer activity remained robust with elevated rig counts, slightly capping near-term price recoveries.
Why did the price of Natural Gas change in March 2026 in North America?
- Abundant shale production and elevated rig activity overwhelmed demand, creating persistent oversupply across U.S. basins.
- Stronger LNG feedgas demand tightened balances intermittently but did not fully offset domestic supply surpluses.
- Pipeline constraints, freeze-offs and mild weather shifted flows, causing short-term volatility without sustained upward pressure.
Natural Gas Prices in APAC
- In China, the Natural Gas Price Index fell by 18.93% quarter-over-quarter, reflecting ample inbound supply pressure
- The average Natural Gas price for the quarter was approximately USD 3325.33/ 1000 mmBtu as reported by assessments
- Natural Gas Spot Price weakened as coastal terminals filled, inventories rose and import throughput expanded, compressing short-term margins
- Natural Gas Price Forecast revised downward for summer on surplus regas capacity and muted industrial consumption recovery expectations
- Natural Gas Production Cost Trend remained stable, domestic output high and transportation costs unchanged, limiting upward price pressure
- Natural Gas Demand Outlook subdued as chemical and power sector offtake softened amid warmer temperatures and holiday slowdowns
- Natural Gas Price Index remained volatile, geopolitical LNG risks supported premiums despite abundant domestic flows and storage rebuild
- Export demand muted, major regasification ramps increased throughput while suppliers discounted prompt offers to clear inventories
Why did the price of Natural Gas change in March 2026 in APAC?
- Ample LNG inflows and expanded regas capacity increased supply, overwhelming seasonal demand and pressuring domestic price settlements
- Rising global LNG freight and insurance costs lifted landed import costs, partially offsetting domestic bearish fundamentals
- Precautionary procurement and geopolitical risk premiums increased demand for prompt cargoes, tightening available spot volumes sporadically
Natural Gas Prices in Europe
- In Germany, the Natural Gas Price Index rose by 26.72% quarter-over-quarter, reflecting cross-border demand tightening.
- The average Natural Gas price for the quarter was approximately Eur 38194.00/ 1000 MWh, reflecting balanced demand.
- Natural Gas Spot Price remained volatile amid technical buying, momentum-led rallies, and limited supply disruptions.
- Natural Gas Price Forecast indicates near-term firmness driven by geopolitical risks and persisting refill requirements.
- Natural Gas Production Cost Trend showed pressure as higher freight and insurance raised procurement costs.
- Natural Gas Demand Outlook is mixed; muted industrial offtake but residential heating supports Price Index.
- Natural Gas Price Index reflected tighter export nominations and storage cushion erosion, prompting risk premia.
- Operator reports showed stable pipeline receipts and FSRUs, limiting supply shocks and sustaining bullish sentiment.
Why did the price of Natural Gas change in March 2026 in Europe?
- Geopolitical disruptions tightened global LNG flows, raising landed procurement costs and elevating prompt market risk premia.
- Falling storage levels and export nominations drained local buffers, intensifying competition for available cargoes and bids.
- Momentum-led technical buying sustained upward pressure while freight and insurance cost inflation increased delivery cost uncertainty.
Natural Gas Prices in MEA
- In Saudi Arabia, the Natural Gas Price Index fell by 15.819% quarter-over-quarter on upstream additions.
- The average Natural Gas price for the quarter was approximately USD 3398.67/ 1000 mmBtu across Riyadh deliveries.
- Natural Gas Spot Price weakness reflected pipeline flows, injections pressuring the domestic Price Index downward.
- Natural Gas Price Forecast shows modest recovery spring if industrial demand resumes, Jafurah injections stabilise.
- Natural Gas Production Cost Trend remained subdued as feedstock and freight costs were marginally offset.
- Natural Gas Demand Outlook signals seasonal uplift for cooling, but near-term power demand remains subdued.
- Inventory builds and limited merchant exports constrained the Natural Gas Price Index, keeping volatility elevated.
- Operational ramp-ups at Jafurah and Tanajib increased supply while policy allocation limits tempered merchant volumes.
Why did the price of Natural Gas change in March 2026 in MEA?
- Strict domestic allocation of produced gas to priority users limited spot merchant volumes, tightening availability in March.
- Regional geopolitical tensions and higher freight plus insurance costs constrained LNG imports and supported landed cost increases.
- Pre-summer power and desalination procurement lifted gas burn, while petrochemical feedstock demand remained steady to firmer.
For the Quarter Ending December 2025
North America
• In USA, Natural Gas Price Index rose by 31.17% quarter-over-quarter, driven by LNG export demand
• The average Natural Gas price for the quarter was approximately USD 4101.67/1000 mmBtu, Gulf Coast delivered
• Robust LNG loadings tightened balances and elevated the Natural Gas Spot Price at Gulf hubs
• Consensus updates pushed the Natural Gas Price Forecast higher; winter draws and export momentum persisted
• Logistical constraints and processing utilisation supported the Natural Gas Production Cost Trend, reducing producer flexibility
• Strong power burn, heating need and industrial feedstock use underpinned the Natural Gas Demand Outlook
• Inventory builds and regional basis weakness moderated the Natural Gas Price Index, producing volatile corrections
• Maintenance and temporary liquefaction suspensions constrained Gulf feedgases, increasing spot volatility and regional price dispersion
Why did the price of Natural Gas change in December 2025 in North America?
• Export-driven feedgas demand and winterized power burn tightened balances, supporting higher immediate spot premiums regionally.
• Large storage levels and resilient production created buffer, enabling December price declines despite export strength.
• Logistical disruptions and isolated regional bottlenecks occasionally tightened deliverability, amplifying volatility and short-term upward moves.
APAC
• In China, the Natural Gas Price Index rose by 31.1% quarter-over-quarter, due to winter demand.
• The average Natural Gas price for the quarter was approximately USD 4101.67/1000 mmBtu , reflecting seasonal procurement.
• Natural Gas Spot Price tightened as port congestion and regas outages limited immediate cargoes availability.
• Natural Gas Price Forecast shows near-term firmness as seasonal withdrawals exceed pipeline and import additions.
• Natural Gas Production Cost Trend rose with higher LNG chartering and increased import-parity landed costs.
• Natural Gas Demand Outlook strengthened as residential heating and coal-to-gas switching amplified consumption across provinces.
• Natural Gas Price Index showed weekly spikes but moderation as inventories and pipeline flows adjusted.
• Supply restorations, Far Eastern route inflows and higher PipeChina deliveries eased prompt tightness during mid-December.
Why did the price of Natural Gas change in December 2025 in APAC?
• Seasonal peak-winter heating demand increased withdrawals and spurred urgent procurement across northern provinces and utilities.
• Pipeline inflows and new Far Eastern route additions improved supply, relieving tightness and easing prices.
• Elevated freight and import-parity pushed costs higher, while storage dynamics and logistics affected market responses.
Europe
• In Germany, the Natural Gas Price Index fell by 9.4% quarter-over-quarter, reflecting easing winter demand.
• The average Natural Gas price for the quarter was approximately Euro 30140.67/1000 MWh , reflecting subdued demand.
• Natural Gas Spot Price trends were pressured by abundant LNG arrivals and inventories across hubs.
• Natural Gas Price Forecast pointed to downside risk given high storage and subdued industrial consumption.
• Natural Gas Production Cost Trend stable as feedstock and transport costs eased, limiting upside pressure.
• Natural Gas Demand Outlook remains muted with renewables displacing gas-fired generation and industry curbing operations.
• Natural Gas Price Index volatility rose as sanction headlines intermittently tightened routes despite persistent surplus.
• Robust LNG arrivals and Norwegian nominations pressured German hub quotes while regasification capacity stayed reliable.
Why did the price of Natural Gas change in December 2025 in Europe?
• High LNG inflows and abundant European storage reduced spot procurement urgency, weighting prices downward materially.
• Milder temperatures and strong renewable generation limited heating and power-sector gas burn, suppressing demand pressure.
• Sanctions and shipping blacklists intermittently heightened supply-risk premia despite continuous pipeline and regasification throughput stability.
MEA
• In Saudi Arabia, the Natural Gas Price Index rose by 30.38% quarter-over-quarter, reflecting strong demand.
• The average Natural Gas price for the quarter was USD 4037.33/1000 mmBtu , reflecting elevated CIF costs.
• Natural Gas Spot Price rose as Asian LNG CIFs transmitted into procurement, raising landed costs.
• Natural Gas Price Forecast indicates near-term stabilization as Jafurah ramp-up gradually eases domestic tightness conditions.
• Natural Gas Production Cost Trend eased from abundant feedstock; higher freight and insurance supported costs.
• Natural Gas Demand Outlook remains firm from power-sector fuel switching, cracker restarts and industrial off-take.
• Natural Gas Price Index mirrored alternating supply additions and robust domestic demand, producing weekly volatility.
• Inventory builds and export demand softened downside while domestic off-take and maintenance tightened market balances.
• Operational updates from major producers showed accelerating Jafurah output and Fadhili expansions altering balance dynamics.
Why did the price of Natural Gas change in December 2025 in MEA?
• Jafurah commissioning rapidly increased domestic supply, relieving short-term tightness and pressuring spot and contract prices.
• Power-sector fuel switching and petrochemical pre-maintenance feedstock draws elevated demand, underpinning upward pressure on Price Index.
• Red Sea war-risk surcharges and higher freight raised CIF costs while logistics delays tightened prompt availability.
For the Quarter Ending September 2025
North America
• In USA, the Natural Gas Price Index fell by 11.9% quarter-over-quarter, reflecting abundant supply pressure.
• The average Natural Gas price for the quarter was approximately USD 3127/1000mmbtu, across U.S. hubs.
• Storage injections pressured the Natural Gas Spot Price, reinforcing the quarter's bearish Natural Gas Price Index.
• Export and domestic dynamics shaped the Natural Gas Demand Outlook, with LNG flows supporting price.
• Rising transportation and feedstock expenses affected the Natural Gas Production Cost Trend and constrained margins.
• Near-term Natural Gas Price Forecast shows conditional recovery potential hinging on winter demand and exports.
• Industrial weakness and variable cooling loads kept the Natural Gas Price Index rangebound across hubs.
• Higher inventories above five-year averages constrained rallies, pressuring Natural Gas Spot Price despite export support.
Why did the price of Natural Gas change in September 2025 in North America?
• Elevated production and abundant storage builds increased supply, undermining upward price pressure in September 2025.
• Milder-than-expected weather reduced power burn forecasts, weakening near-term domestic consumption and limiting price support further.
• LNG export schedules and logistics disruptions tightened flows, but exports remained insufficient to offset surplus.
APAC
• In China, the Natural Gas Price Index fell by 11.9% quarter-over-quarter, pressured by pipeline surplus.
• The average Natural Gas price for the quarter was approximately USD 3126.33/1000mmbtu, per hub settlements.
• Natural Gas Spot Price softened as cheaper pipeline inflows and domestic output displaced LNG cargoes.
• Natural Gas Price Forecast indicates limited near-term upside amid full inventories and weak industrial demand.
• Natural Gas Production Cost Trend stable as rising domestic output reduced costs and import reliance.
• Natural Gas Demand Outlook subdued as weak manufacturing and coal preference limit gas-fired generation activity.
• Natural Gas Price Index saw rallies after typhoon outages but stayed capped by supply surplus.
• Storage levels recovered and muted export demand constrained upside, leaving price volatility moderate and localized.
Why did the price of Natural Gas change in September 2025 in APAC?
• Surging pipeline deliveries and robust domestic production increased supply, reducing reliance on expensive LNG imports.
• Soft industrial and chemical demand with coal substitution reduced gas offtake and lowered price momentum.
• Logistics disruptions briefly tightened prompt availability, but high inventories and tariffs constrained any sustained gains.
Europe
• In Germany, the Natural Gas Price Index fell by 10.33% quarter-over-quarter, reflecting abundant supply conditions.
• The average Natural Gas price for the quarter was approximately USD 33267.33/1000MWh, per hub reporting.
• Natural Gas Spot Price eased on LNG inflows, while the Price Index showed weakening fundamentals.
• Natural Gas Price Forecast indicates limited upside due to inventories, pipeline flows, and subdued demand.
• Natural Gas Production Cost Trend eased as feedstock and transport expenses fell, reducing cost pressures.
• Natural Gas Demand Outlook weakened as mild temperatures and industrial softness reduced overall consumption materially.
• Natural Gas Price Index showed downward momentum supported by injections, LNG arrivals, and limited buying.
• Terminal stability and producer commitments prevented sharp spikes in Natural Gas Spot Price this quarter.
Why did the price of Natural Gas change in September 2025 in Europe?
• Rising LNG imports and pipeline flows increased supply, easing prompt tightness and pressuring prices lower.
• High storage injections and inventories reduced urgency for purchases, weakening seasonal demand-driven price support materially.
• Mild weather, industrial curtailments, and regulator policy changes lowered consumption, while maintenance tightened local balances.
MEA
• In Saudi Arabia, the Natural Gas Price Index fell by 15.19% quarter-over-quarter, amid abundant supply.
• The average Natural Gas price for the quarter was approximately USD 3096.67/1000mmbtu, reflecting ample supply.
• Natural Gas Spot Price showed volatility, while the Price Index remained pressured by field output.
• Natural Gas Price Forecast suggests limited upside absent stronger export demand or unexpected supply disruptions.
• Natural Gas Production Cost Trend eased due to improved drilling efficiencies lowering marginal extraction costs.
• Natural Gas Demand Outlook weakened as petrochemical maintenance and mild weather cut industrial, power offtake.
• Inventory draws were muted and export interest fluctuated, capping any Natural Gas Price Index recoveries.
• Major producers operated near capacity as Jafurah start-up influenced balances, regional flows, affecting Price Index.
Why did the price of Natural Gas change in September 2025 in MEA?
• Rapid Jafurah output ramp and volumes expanded supply, exerting downward pressure on the Price Index.
• Milder weather reduced power burn and spot demand, while shipping stability softened regional cost pressures.
• Petrochemical maintenance and weak exports tempered industrial uptake, keeping the Price Index subdued despite premiums.
