Short-term outlook: Europe draws in additional LNG volumes
28 August 2026
Low storage and a shut Strait of Hormuz are keeping gas markets on edge. Europe is pulling in extra cargoes ahead of winter, Asia stays hostage to Middle East risk, and the US market moves on fundamentals alone.
TTF prices rose to €64.50 per MWh as European storage sits at 63% full, well below last year's 75.7%. East Asian LNG edged up to $22.66 per MMBtu as Hormuz tensions persist, cutting imports across Japan, China and South Korea. Henry Hub held near $2.80 per MMBtu, with US storage on track for a 10-year high.
Low storage and a shut Strait of Hormuz keep gas markets on edge
Europe pulls in extra cargoes as storage sits at 63% full, well below last year's 75.7%
Asia stays hostage to Hormuz risk, with LNG imports down 10 million tonnes across Japan, China and South Korea
The US market moves on fundamentals, with Henry Hub steady near $2.80 per MMBtu and storage on track for a 10-year high