Insight
LNG short-term webinar: January 2026
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Report summary
The bearish narrative from December reversed sharply in January. Cold weather in Europe sent TTF gas prices soaring to more than $14/mmBtu. European LNG prices widened their discount to TTF, as pressure mounted on the system and competition intensified for regas slots. Meanwhile, Asian DES LNG prices temporarily moved to a discount against European benchmarks, with some Pacific cargoes even rerouting to Europe. An intense Arctic cold spell in the US amplified the global rally. Henry Hub jumped to several times its prior-week level. Freeze-offs curtailed gas production and eliminated at least eight LNG cargoes from exports. A tighter-than-expected balance is on the horizon for 2026, as strong restocking needs create additional demand. In this outlook and webinar, we investigate the following topics • Recent dynamics on prices • The effects of the North American winter storm on natural gas and LNG markets • Global LNG balances • Review what happened in 2025 and our outlook for 2026.
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