Natural Gas 10 February 2026 - 21 March 2026

European natural gas prices hovered around levels not seen in three years this week. Iranian missile attacks hit Qatar’s Ras Laffan plant, cutting roughly 17% of the country’s LNG export capacity—a disruption that could linger for as long as five years. The Dutch TTF front-month contract, Europe’s key gas benchmark, finished Friday at about 59 euros per megawatt hour. U.S. Henry Hub gas closed at nearly $3.10 per mmBtu, slipping around 1% for the week following a late-session drop. The split is significant: Europe leans heavily on global LNG—liquefied natural gas, shipped in cold from afar—right when the continent is gearing up to restock for winter. Qatar accounts for around 9% of the EU’s LNG supply. Now, Asian buyers are set to ratchet up competition for spot shipments. Brussels, looking to sidestep an even tighter market, has told member states to settle for 80% storage, pulling back from the usual 90% goal.

European natural gas prices surged Wednesday, with the market rattled by attacks on Iran’s South Pars gas field and fresh Gulf evacuation alerts, stoking anxiety that Qatar’s LNG outage could persist. Dutch TTF futures jumped roughly 6% to 54.66 euros per megawatt hour. Britain’s front-month gas contract advanced 6.7%, according to market data. This shift takes on new urgency as Europe heads into refill season with storage sitting at around 27%—the lowest level for this time of year since 2022. Brussels didn’t wait, instructing customs to process non-Russian gas cargoes within 12 to 24 hours, aiming to keep wartime documentation from choking off supply.

Natural gas futures in the U.S. slipped Friday. April Henry Hub contracts, the standard benchmark, wrapped up the day at $3.131 per mmBtu—down a little more than 3%. Forecasters are calling for mostly mild conditions through March, which has traders anticipating softer late-season heating demand. The retreat stands out, given that the U.S. market remains shaped mostly by internal factors—supply, storage, and the weather—rather than the more acute LNG crunch seen overseas. According to the U.S. Energy Information Administration's March Short-Term Energy Outlook, gas prices in Europe and Asia have climbed due to slower LNG flows through the Strait of Hormuz. But in the U.S., prices look set to stay largely insulated. Export terminals were already pushing capacity before the disruption, so there’s little slack left to boost shipments abroad for now.

U.S. natural gas futures slipped on Friday, with April delivery shedding 4.0 cents to settle at $3.193 per million British thermal units. That follows Thursday's finish, the strongest since Feb. 13. The retreat followed news from the Energy Information Administration: marketed U.S. gas production is now projected to reach an all-time high of 118.5 billion cubic feet per day in 2025. The U.S. benchmark remains tied to domestic supply and storage dynamics, rather than simply echoing Middle East turmoil. In its March Short-Term Energy Outlook, the EIA projected Henry Hub spot prices averaging around $3.80 per mmBtu in 2026—down 13% from last month’s forecast. The agency also noted that U.S. prices should largely remain buffered from any Strait of Hormuz risk, pointing out that LNG export facilities were already running near capacity before fighting broke out.

U.S. natural gas futures stuck close to a four-week peak on Thursday, propped up after the latest storage numbers landed and traders kept a wary eye on war-related disruptions hitting LNG flows at the Strait of Hormuz. The front-month Henry Hub contract—the most active—hovered near $3.21 per million British thermal units in early U.S. action, notching a roughly 0.5% bump after the data hit. U.S. gas prices have been steady, even as overseas markets react. The Dutch TTF, Europe’s front-month benchmark, jumped roughly 60% after the U.S.-Israeli conflict with Iran and the surge in shipping attacks near Hormuz. North Asia’s spot LNG soared as well, reaching $22.50 per mmBtu for the week ending March 6—more than twice the previous week’s level, according to Reuters.

European natural gas prices spiked again Monday. The Dutch TTF front-month contract jumped 16.6% to €62.26 per megawatt hour as of 08:50 GMT, after briefly hitting €69.50 earlier in the session. Over in the U.S., Henry Hub futures picked up roughly 5.4%, trading near $3.36 per million British thermal units, the standard heat-based pricing measure. This spike arrives right as Europe looks to restock gas reserves for next winter and Asian buyers prepare for peak summer demand. With Qatar pausing exports, the global LNG market has suddenly tightened — LNG, natural gas chilled to liquid form for shipping, doesn’t have much excess capacity to pick up the slack. That’s left buyers scrambling for available shipments, driving up competition for cargoes already at sea.

New York, Feb 15, 2026, 12:18 PM EST — Market closed U.S. natural gas futures ticked up Friday, with traders adjusting positions on the back of late-February weather updates and consistent LNG export plant flows ahead of a subdued weekend session. The March Henry Hub contract settled at $3.243 per mmBtu, up 2.6 cents, or 0.81%. BNEF data put Lower 48 dry gas output at 113.9 bcf/d for the day, demand checked in at 95.3 bcf/d, and net flows to LNG export plants hovered near 19.2 bcf/d.