LNG Asia JKM Intelligence Report

Asia Pacific LNG (JKM) averaged $15.77/MMBtu in May 2026, up from $11.42 in March — a 38% surge driven by the Strait of Hormuz blockade, summer restocking across Northeast Asia, and a European storage deficit below 40%. World Bank monthly data shows the JKM benchmark at $15.77/MMBtu as of May, while Henry Hub trades at $3.16/MMBtu (June 3), keeping the JKM-HH spread at ~$12.60/MMBtu — extremely profitable for US exporters. The market is pricing a sustained geopolitical risk premium of $4-6/MMBtu above the pre-crisis equilibrium of ~$10/MMBtu. If the Hormuz blockade persists beyond July, JKM could test $20-22/MMBtu as Atlantic cargoes compete for the higher-priced Asian market.