New York, April 14, 2026, 15:06 EDT
Natural gas dropped on Tuesday: U.S. Henry Hub futures landed near $2.61 per mmBtu, according to CME data, while the Dutch TTF in Europe slid 7.55% to 42.91 euros per megawatt hour. Traders kept an eye on LNG flow disruptions from the Middle East, but with mild weather dampening heating needs, prices still moved lower.
Why does it matter? Gas remains a key channel for the Middle East conflict to hit power bills, factory expenses and inflation. The U.S. Energy Information Administration pointed to a sharp move: in March, the Henry Hub–Europe’s TTF gap averaged $14.89 per mmBtu—an 83% jump from February. That price spread pushed U.S. LNG exports up to 17.9 billion cubic feet a day, the second-highest monthly tally ever.
U.S. spot markets took a harder hit. According to LSEG data, gas prices at the Waha hub in West Texas stayed below zero for the 47th consecutive day—a record run—thanks to pipeline bottlenecks keeping Permian supply stuck. Northern California’s PG&E Citygate slid to yet another all-time low for a second day, while South Path 15 power also turned negative for Tuesday’s delivery.
Storage numbers aren’t helping sentiment. As of April 3, U.S. working gas in storage hit 1.911 trillion cubic feet, up by 50 billion cubic feet for the week. According to the EIA, inventories wrapped up the winter withdrawal season roughly 3% above the five-year average, with higher output and a stretch of milder weather both playing a role.
European gas prices at the Dutch Title Transfer Facility dropped, tracking declines in oil and a broader retreat across the energy sector. National Gas, for its part, said Britain looks set for adequate gas supplies this summer, assuming conditions hold—UK and Norwegian sources are expected to cover roughly 86% of demand, with LNG providing around 9%.
National Gas’s director of energy systems and resilience, Glenn Bryn-Jacobsen, told reporters the market has “the capacity to deliver sufficient supply to meet demand this summer.” That’s taken some pressure off near-term supply worries. Still, Britain’s wholesale gas remains roughly 50% higher than pre-conflict levels. National Gas
Asia isn’t cranking up the pressure at the moment. China’s natural gas imports dropped 10.7% in March, landing at 8.18 million tons—marking the lowest level since October 2022. The world’s top LNG buyer re-exported 8 to 10 cargoes as domestic demand softened and pipeline supplies remained ample, leaving the country with extra volumes.
Energy contracts followed suit. Brent crude slipped almost 4%, and U.S. crude dropped roughly 6.7% in Houston after word emerged that Washington and Tehran could return to negotiations—a turn that cooled some of the recent conflict-fueled surge in oil, gas, and electricity prices.
Tuesday saw gas prices fall, but that relief could prove short-lived. According to the International Energy Agency, the world faces what it calls the biggest disruption to oil supply on record. U.S. Energy Secretary Chris Wright flagged the possibility that energy prices could remain “high – and maybe even rising” until ships can again pass through the Strait of Hormuz. Reuters
Europe faces a fresh headache. Eni’s Claudio Descalzi labeled the Iran conflict “the most important event of the last 40 years” in terms of energy, and sounded the alarm over how the bloc plans to substitute 20 billion cubic metres of Russian LNG. The EU aims to ban short-term Russian LNG contracts from April 25, with longer deals ending after Jan. 1, 2027. Just last week, Entsog issued a warning about the struggle to refill storage—levels started April at a two-year low. Reuters
The EIA is sticking to its forecast: Henry Hub should hold near $3.10 per mmBtu through Q2 and Q3. U.S. marketed gas output is on track for a 2% rise this year, while LNG exports are seen hitting a record 17.0 billion cubic feet per day in 2026. Some new capacity, like Corpus Christi Stage 3 Train 5 and Golden Pass Train 1, comes online next quarter. For now, though, mild weather and bottlenecked Permian gas are keeping prices subdued.
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