The Gas Exporting Countries Forum (GECF or Forum) ‘Monthly Gas Market Report (MGMR)’ is a monthly publication of the GECF focusing on short-term developments in the global gas market related to the global economy, gas consumption, gas production, gas trade (pipeline gas and LNG), gas storage and energy prices.
The highlights of the September report are as follows:
Gas consumption:
Global gas demand showed signs of improvement in August 2026, although trends remained mixed across regions amid the ongoing Middle East crisis. In Europe, gas consumption increased, primarily supported by stronger power-sector demand as widespread heatwaves boosted cooling requirements, while lower nuclear, hydro and wind availability in some markets increased reliance on gas-fired generation. North American gas demand also strengthened, particularly in the US, where elevated temperatures drove higher power-sector consumption. In Asia, demand remained mixed, with weaker gas-fired power generation weighing on gas consumption in several countries.
Gas production:
The closure of the Strait of Hormuz continued to disrupt global gas production in August 2026, with Middle Eastern output falling by nearly one third year-on- year as major gas and LNG producers across the region recorded substantial production losses. The impact on global output was partly cushioned by continued production growth in North America, particularly in the US, where higher gas production helped offset a significant portion of the supply decline originating from the Middle East.
Gas trade:
Global LNG trade fell significantly by 8.8% y-o-y to 34.3 Mt in August 2026, as the restrictions on LNG transit through the Strait of Hormuz continued to constrain the region’s LNG exports. Asia’s LNG imports declined by 8.2% y-o-y to 23.0 Mt, reversing two consecutive months of growth, amid reduced Middle Eastern supply and elevated spot LNG prices. Conversely, Europe’s LNG imports edged up by 0.5% y-o-y to 8.0 Mt, ending five consecutive months of decline, as a narrowing Asia-Europe spot price spread supported a rebound in US LNG flows to the region. On the infrastructure front, Honduras joined the club of LNG importers in August 2026, receiving its first LNG cargo at the 0.5 Mtpa Puerto Cortes terminal.
Gas storage:
European countries continued net gas injections in August 2026, with the EU monthly average gas storage level reaching 63 bcm, or 61% of capacity, compared with 76 bcm a year earlier, as competition with Asia for global spot LNG cargoes constrained the pace of summer replenishment. In the US, the monthly average storage level reached 90 bcm, or 67% of capacity, remaining close to the 90.6 bcm recorded a year earlier. In Asia, combined LNG inventories in Japan and South Korea declined to 7.8 bcm following a warm summer, while tight spot LNG market conditions also limited replenishment.
Energy prices:
Gas and LNG spot prices in Europe and Asia recorded their highest monthly averages for the year in August 2026. TTF prices rose by 17% m-o-m to $21/MMBtu. Similarly, NEA spot LNG prices rose by 12% m-o-m to $22/MMBtu. In contrast, HH spot prices continued to ease, decreasing by 5% m-o-m to $2.8/MMBtu. Ahead of the winter heating season, intensifying inter-regional competition will likely keep prices elevated, while any further escalation in the Middle East poses additional upside risks to LNG trade flows and pricing.