⚓ JKM Today$16.98▲ +0.04 (+0.24%)Updated: May 13, 2026Free Alerts →
🕑 Updated Daily • May 13, 2026 • Benchmark: Japan Korea Marker (JKM)
JKM LNG Price Chart
Track the JKM LNG price chart with daily updates, historical trends, and global LNG market insights.
Monitor Asia’s key gas benchmark and its impact on global energy markets.
⚓ Japan Korea Marker — JKM LNG — USD/MMBtu
$16.98
▲ +0.04 • +0.24% day-over-day
⚪ Neutral Bias
Benchmark: Japan Korea Marker (JKM)●Data updated daily●Source: OilPriceAPI • 2026-05-12●Asia’s primary LNG benchmark
The JKM LNG price today stands at $16.98/MMBtu, moving +0.04 (+0.24%) over the last 24 hours as of May 13, 2026. Market sentiment for Asia’s key LNG benchmark reads Neutral, with price action reflecting current supply-demand dynamics across Pacific and Atlantic basins.
JKM prices have been flat over recent sessions, influenced by Asian winter/summer demand cycles, European competition for LNG cargoes, and geopolitical risk signals captured in EnergyRiskIQ’s proprietary indices. GERI at 17/100 (LOW) and EERI at 16/100 (LOW) are key context indicators.
The JKM-TTF arbitrage spread currently stands at approximately $3.35/MMBtu (positive (JKM premium)), a key signal for cargo redirection between Asia and Europe. EU gas storage at 35.6% (below the 55.0% seasonal norm) shapes European buyers’ willingness to bid for Pacific cargoes, directly affecting JKM price levels.
Japan and Korea are the world’s largest LNG importers, accounting for
approximately 35% of global LNG demand. Japan relies on LNG for over 35% of its electricity
generation following the post-Fukushima nuclear phase-down, while Korea uses LNG intensively
for both power generation and industrial heating. Demand from these two nations anchors the JKM
benchmark year-round, with pronounced seasonal spikes in winter (December–February) and
summer cooling season (July–August).
China has become the world’s largest LNG importer and is the most
volatile demand source. Rapid industrial growth, urban heating programmes, and coal-to-gas
switching policies have made Chinese LNG import demand highly price-sensitive. When Chinese
buyers enter the spot market aggressively, JKM prices spike rapidly — the 2021 energy crisis
saw JKM reach record levels above $56/MMBtu.
European competition fundamentally reshapes JKM pricing dynamics. As Europe
shifted from Russian pipeline gas to LNG post-2022, European buyers began competing directly
for Pacific cargoes. The JKM-TTF spread (currently $3.35/MMBtu)
determines which market attracts flexible LNG cargoes. EU gas storage at
35.6% vs the 55.0% seasonal norm is a key variable
in this arbitrage equation.
→ View Europe LNG Supply-Demand →
Japan and Korea provide the baseline JKM demand floor — Japan alone imports ~75 million tonnes
per year (mtpa) of LNG. China is the swing demand factor: aggressive Chinese spot buying
has driven the most violent JKM price spikes. Seasonal patterns are strong — winter
heating demand (Dec–Feb) and summer cooling (Jul–Aug) are consistently price-positive.
02 / EUROPEAN COMPETITION
🇺🇪 Europe vs Asia LNG Cargo Competition
Since 2022, Europe has competed directly with Asia for LNG cargoes. When TTF is high
relative to JKM, Atlantic cargoes divert to Europe, reducing Pacific supply and
lifting JKM. Current TTF at €46.51/MWh vs JKM at $16.98/MMBtu
creates a spread of ~$3.35/MMBtu favouring Asia.
→ TTF Gas Price Today
03 / SHIPPING & FREIGHT
⚓ Shipping Constraints & Canal Disruptions
LNG shipping economics are critical to JKM-TTF arbitrage viability. Panama Canal
draught restrictions (particularly during La Niña drought years) add 15–20 days
to US-to-Asia cargo routes, effectively tightening Pacific supply. Red Sea disruptions
similarly impact Middle East and European LNG flows. GERI at 17/100 (LOW)
captures current geopolitical shipping risk.
04 / WEATHER
❄ Seasonal Demand — Winter & Summer
JKM is acutely weather-sensitive. Colder-than-expected winters in Japan, Korea, and
China directly trigger emergency LNG procurement, sending spot prices sharply higher.
Summer heat waves driving power demand for air conditioning in China and Korea are a
growing JKM demand driver. La Niña/El Niño cycles create multi-year seasonal demand
patterns that skilled traders monitor closely.
05 / OIL-LINKED CONTRACTS
💉 Oil-Indexed LNG Contracts & Brent Linkage
A significant portion of long-term LNG contracts in Asia are indexed to crude oil prices
at a formula of approximately 13–14% of Brent. With Brent at $107.69/bbl,
the theoretical oil-linked LNG price is approximately
$14.54/MMBtu.
When JKM spot trades significantly above this level, buyers seek to renegotiate contracts.
When below, LNG project economics for new supply come under pressure.
→ Brent Crude Oil Price Today
JKM LNG price movements today reflect low geopolitical supply risk. GERI at 17/100 (LOW) and EERI at 16/100 (LOW) signal contained stress across LNG supply corridors, including Middle East shipping lanes and Russian supply disruption risk.
EGSI-S (Shipping & Supply Stress): 0.0 — LOW •
EnergyRiskIQ’s proprietary indicators suggest
current risk levels are being priced in without unusual supply stress.
The JKM-TTF spread is the world’s most important LNG arbitrage signal. When JKM
(currently $16.98/MMBtu) trades at a premium to
TTF (€46.51/MWh, ~$13.63/MMBtu equivalent),
flexible LNG cargoes are directed to Asia. When TTF is higher, Europe outbids Asia.
The current spread of approximately $3.35/MMBtu
signals positive (JKM premium) — meaning flexible cargoes are currently more
attracted to Asian buyers.
This dynamic means European gas storage levels (currently 35.6%, below
seasonal norm) directly set the floor for JKM prices. Low European storage creates urgent
European LNG buying, diverting cargoes from Asia and lifting JKM.
US Gulf Coast LNG (Sabine Pass, Freeport, Sabine) is the primary source of flexible global
supply — these cargoes can be directed to either Europe or Asia based on the JKM-TTF spread.
Middle East LNG (Qatar, UAE) has contractual obligations but also places spot volumes.
Australian LNG is predominantly contracted to Japan/Korea but spot cargoes influence JKM.
When shipping costs are ~$1.50–2.00/MMBtu for a US-to-Asia cargo, a spread above this
threshold makes Atlantic-to-Pacific flows economically viable, supporting JKM at or above
those levels.
🔳 Market Imbalance Signals
Sustained JKM premiums above $3–4/MMBtu vs TTF (after freight) signal structural Asian supply
tightness — a potential medium-term price floor. Sustained TTF premiums indicate European
supply stress, which historically also eventually lifts JKM as storage draw-downs end.
EnergyRiskIQ’s EERI at 16/100 (LOW) reflects current European gas supply
stress, a leading indicator for JKM arbitrage pressure.
JKM historically peaks in winter (December–February, driven by heating demand in Japan and Korea)
and in early summer (June–August, driven by Chinese cooling demand). The shoulder seasons
(March–May and September–November) typically see lower JKM as storage injections and mild
weather reduce demand urgency. The all-time JKM high was $56.33/MMBtu (December 2021),
driven by the European gas crisis and simultaneous Asian demand surge.
Current YTD JKM has ranged $9.59–$22.35/MMBtu (Jan 14–Mar 19),
with the benchmark currently trading at $16.98/MMBtu
— above the YTD midpoint.
💡 Today’s LNG Market Insight
Today’s LNG Market Insight
What happened today
JKM edged up 0.24% to $16.98/MMBtu amid stable Brent crude at $107.69/bbl and a modest $3.35/MMBtu JKM-TTF arbitrage spread. Low volatility (VIX 17.99) and steady EU gas storage at 35.6% supported price stability.
Why it matters
The flat JKM price despite geopolitical alerts and low EERI (16/100) signals muted near-term LNG supply risk. This stability under a low GERI (17/100) environment suggests balanced global LNG demand-supply dynamics.
What to watch next
Monitor shifts in EU storage replenishment and Brent crude trends as key drivers for JKM. Rising geopolitical tensions or supply disruptions could widen the JKM-TTF spread, impacting LNG trade flows and prices.
Analysis generated by EnergyRiskIQ’s proprietary LNG market intelligence engine (Custom Algorithms)
• May 13, 2026 • Not financial advice.
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JKM (Japan Korea Marker) is Asia's primary LNG spot price benchmark, published by S&P Global Platts. It reflects the price of LNG delivered to Japan and Korea — the world's two largest LNG importers — and is used as the pricing reference for LNG spot cargoes across the Asia Pacific region.
How is JKM LNG priced?▼
JKM is assessed daily by S&P Global Platts in US dollars per million British thermal units ($/MMBtu). It reflects competitive bids, offers, and transactions for LNG cargoes delivered within a 2-6 week window to Northeast Asia. EnergyRiskIQ tracks JKM daily from verified market data sources and enriches it with proprietary risk signals.
Why is JKM important for global energy markets?▼
JKM is the world's leading Asian LNG benchmark and directly influences approximately one-third of global LNG trade. As Japan, Korea, and China account for over 50% of global LNG imports, JKM movements signal shifts in Asian energy demand, shipping logistics, and the global LNG supply-demand balance.
What is the difference between JKM and TTF?▼
JKM reflects LNG prices in Asia (Japan Korea Marker), while TTF (Title Transfer Facility) is Europe's dominant natural gas benchmark. The JKM-TTF spread is a key indicator of global LNG arbitrage — when JKM trades at a premium to TTF, LNG cargoes flow towards Asia; when TTF is higher, Europe attracts more LNG shipments. EnergyRiskIQ tracks this spread as part of its LNG risk intelligence.
What factors affect JKM LNG prices?▼
JKM is driven by: Asian demand (particularly from Japan, Korea, and China), European competition for LNG cargoes (TTF dynamics), shipping and freight constraints (Panama Canal, Red Sea disruptions), seasonal weather patterns (winter heating, summer cooling), oil-indexed long-term contract pricing linked to Brent crude, and geopolitical events affecting LNG supply routes.
Why do JKM LNG prices spike?▼
JKM price spikes occur when Asian demand surges (extreme cold winter or hot summer), European gas storage is low and European buyers compete aggressively for LNG cargoes, LNG shipping is constrained (canal disruptions, weather events), or supply outages hit major LNG export facilities in Australia, Qatar, or the US Gulf Coast. EnergyRiskIQ's GERI and EERI indices provide early warning signals for such events.
📝 Citation & Attribution
EnergyRiskIQ publishes JKM LNG price data for informational purposes. If referencing this data,
please attribute as follows. All data is subject to the
EnergyRiskIQ Data License.
Not for commercial redistribution without prior written consent.
