Asia Pacific LNG JKM assessed at ~21.34/mmBtu (JKMc1 futures Jul 21) as of late July 2026. The pipeline World Bank monthly close for June stands at $12.83 — reflecting a market that has surged 33% in two weeks following the Jul 7 Hormuz escalation. A Qatari LNG tanker (Al Rekayyat) was struck by an Iranian drone in the Strait, the US revoked the Iranian oil sales license and launched new strikes on IRGC naval assets. JKM has erased all post-ceasefire correction gains and now trades near its 52-week high ($22.35). Shipping traffic remains at 1/3-1/5 of pre-war levels (~25-40 vessels/day vs 125). The CME forward curve is steeply backwardated: Sep 2026 at $20.99 falling to $13.44 by Dec 2027, signaling the market prices normalization only after new US LNG capacity fully ramps. Buyers should lock H2 2026 volume immediately at current elevated levels and build maximum storage cover for winter.
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