• Spot & forward JKM level (mid‑2026) • Trading Economics: physical JKM proxy at 18.30 USD/MMBtu on 29 May 2026, up 8.25% m/m and ~50% y/y . • CME JKMc1 futures: front contract price 18.300 with next settlement 14 June 2026 . • NGI: in mid‑Dec 2025, the forward curve showed TTF and JKM in the “low‑$9 range for 2026” and declining further out the curve . • S&P/Platts via S&P Global Energy: Platts JKM forecast to average $8.8/MMBtu in summer 2026 as new liquefaction capacity ramps up . • Energy Intelligence: Asian spot LNG prices forecast to average $10/MMBtu in 2025, then fall to ~$7/MMBtu in 2
• Spot & forward JKM level (mid‑2026) • Trading Economics: physical JKM proxy at 18.30 USD/MMBtu on 29 May 2026, up 8.25% m/m and ~50% y/y . • CME JKMc1 futures: front contract price 18.300 with next settlement 14 June 2026 . • NGI: in mid‑Dec 2025, the forward curve showed TTF and JKM in the “low‑$9 range for 2026” and declining further out the curve . • S&P/Platts via S&P Global Energy: Platts JKM forecast to average $8.8/MMBtu in summer 2026 as new liquefaction capacity ramps up .
• Energy Intelligence: Asian spot LNG prices forecast to average $10/MMBtu in 2025, then fall to ~$7/MMBtu in 2026–27 . → June 2026 prompt prices are temporarily high (~$18/MMBtu) vs forward/analyst expectations (single‑digit $/MMBtu for 2026 overall), implying backwardation vs the original forward curve and a market still digesting short‑term tightness.
• Supply fundamentals toward mid‑2026 • IEA Gas Market Report (Q3‑2025): global LNG supply growth set to accelerate in 2026 to its fastest pace since 2019, driven mainly by new capacity in the US, Canada and Qatar . • IEA Q3‑2025: Asia’s gas demand expected to rise >4% in 2026, with LNG imports up ~10% after a decline in 2025, supported by easing supply fundamentals . • IEA Q3‑2025: North Field East (Qatar) expected to start operations in mid‑2026 .
• IEA Gas 2025: ~300 bcm/yr of new LNG export capacity expected by 2030, mostly from US and Qatar, transforming global gas market dynamics .
Procurement teams should maintain flexible sourcing strategies for LNG Asia (JKM) given the evolving market dynamics. Monitor supply-side developments, inventory trends, and demand signals from end-use sectors. Consider layered hedging against price volatility and diversify supplier exposure to manage risk.