LNG Asia JKM Intelligence Report

Asia Pacific LNG JKM assessed at ~$16.03/mmBtu (Platts Jul 3) as of early July 2026. The pipeline monthly World Bank close for June stands at $12.83 — reflecting the month-average of a market that traded between $12-18/mmBtu. JKM has corrected 36.6% from the March war peak ($25.30) but remains 54% above the pre-conflict level ($10.40). The Strait of Hormuz remains partially restricted, with brief reopening attempts failing in April. Ras Laffan damage (~10.2 Mtpa offline, 3-5 yr repairs) creates a ~35 Mt annual supply gap for Asia. Macquarie (Jun 23) forecasts JKM averaging $16.48 in 2026 before normalizing to $12.81 in 2027 as US LNG capacity ramps. The forward curve prices full normalization by FY2028. Buyers should protect near-term H2 volume at $14-16/mmBtu via swaps but avoid locking long-term DES contracts at current elevation.