Global Natural Gas Prices


Jump To: | About Global LNG Price Spreads | Global Summary | JKM (East Asia) | TTF (Continental Europe) | NBP (United Kingdom)




Why Do Natural Gas Pricing Spreads Matter?

As LNG exports have played an increasing role in the US supply/demand picture, natural gas fundamentals have shifted from a nearly insular commodity with demand fluctuations dependent almost entirely on the weather, to a much more global one.

As with any traded good, LNG exports depend on the economics between the exporting and importing countries. US natural gas is generally priced at the Henry Hub, along the north coast of the Gulf of Mexico. Internationally, there are three primary price points.

1. NBP (National Balancing Point) is the price point of UK imported natural gas.

2. TTF (Title Transfer Facility), based in the Netherlands, is the continental European price point.

3. JKM (Japan Korea Marker) is the East Asian price point, generally for Japan and South Korea.

A positive spread between these price points and Henry Hub favors stronger domestic LNG exports while a negative spread, such as was seen during the first half of 2020 during the COVID-19 pandemic, suppresses them. In addition to estimating LNG export fundamentals, these price spreads, after accounting for liquefaction and shipping costs, also project profitability for LNG exporters.

Global Natural Gas Price Points For LNG Exports








JKM Price History Versus Henry Hub & Last Year






JKM Futures Contracts & Futures Spreads Versus Henry Hub






TTF Price History Versus Henry Hub & Last Year






TTF Futures Contracts & Futures Spreads Versus Henry Hub






NBP Price History Versus Henry Hub & Last Year






NBP Futures Contracts & Futures Spreads Versus Henry Hub