The conflict between the U.S., Israel and Iran has disrupted oil flows through the Strait of Hormuz, pushing up crude oil prices. Higher crude costs have lifted gasoline and diesel prices, contributing to broader inflation. Supply constraints are expected to keep prices elevated until mid‑2027.
The brokerage lifted its December 2026 Brent crude price forecast, citing persistent Middle East supply risks that could keep premiums high. At the same time, oil prices slipped on expectations of increased Russian supplies after a US‑brokered energy‑facility truce. Together, the signals point to mixed near‑term direction with upside bias.
| Product | Region | Incoterm Basis | Price | Last Updated Month |
|---|---|---|---|---|
| Natural Gas | USA | FOB | USD 2.78/Mbtu | August 2026 |
| Natural Gas | Saudi Arabia | FOB | USD 2.94/Mbtu | August 2026 |
| Natural Gas | Netherlands | FOB | USD 21.35/MMBtu | August 2026 |
| Natural Gas | Japan | FOB | USD 13.94/MMBtu | August 2026 |
| Natural Gas | India | FOB | USD 7.86/Mbtu | August 2026 |
| Natural Gas | USA | FOB | USD 2.89/Mbtu | July 2026 |
| Natural Gas | Saudi Arabia | FOB | USD 2.94/Mbtu | July 2026 |
| Natural Gas | Netherlands | FOB | USD 18.06/MMBtu | July 2026 |
| Natural Gas | Japan | FOB | USD 11.80/MMBtu | July 2026 |
| Natural Gas | India | FOB | USD 8.73/Mbtu | July 2026 |
Stay updated with the latest Natural Gas prices, historical data, and tailored regional analysis
Asia
In India, the average price of Natural Gas fell from ~USD 8.73/Mbtu (FOB) in July to ~USD 7.86/Mbtu in August, a decline of ~10%. Saudi Arabia's average price held steady at around USD 2.94/Mbtu (FOB), as its gas is mainly produced and used locally, away from LNG trade. Across Asia, spot LNG costs surged after renewed US and Iran hostilities closed Hormuz again, and only one LNG cargo left the strait in August. However, spot prices rose to roughly double the level at which imports stay profitable for China and India, so buyers cut purchases and turned to coal, which weighed on Indian gas values. In late September, Qatar extended force majeure on LNG shipments, keeping supply concerns high.
Europe
In the Netherlands, gas averaged approximately USD 18.06/MMBtu (FOB) in July and rose to about USD 21.35/MMBtu in August, a sharp increase of ~18.2%. At the start of August, European gas storage levels stood at just 57.1% of capacity. A heatwave and drought cut hydro and nuclear output, raising gas use for power, while extended outages at Norwegian fields reduced pipeline supply. Europe also competed with Asia for Atlantic cargoes, though weaker Asian buying freed some supply. Prices peaked in early September before easing, but stayed more than double pre-conflict levels.
North America
In the USA, average natural gas prices eased from nearly USD 2.89/Mbtu (FOB) in July to roughly USD 2.78/Mbtu in August, a decline of ~3.8%. Record production and storage above the five-year average outweighed hot weather and stronger power demand, while maintenance at an export terminal briefly reduced LNG feedgas needs. Exports remained a key support, with LNG feedgas up 8.4% in August as new capacity came online. Prices recovered slightly in early September.
Analyst Insight
According to Procurement Resource, natural gas prices are likely to stay firm in import-dependent markets as LNG disruptions continue into winter, while strong production should keep domestically supplied markets stable.
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Asia
Asian natural gas markets remained highly sensitive to LNG supply risk in Q2 2026. The main pressure came from Qatar’s force majeure notices for June and July cargoes, as the Strait of Hormuz normally handles roughly one-fifth of global LNG and oil supply. Australian supply also tightened when industrial action disrupted the Ichthys LNG project, which has 9.3 million MT/year of capacity and supplies about 70% of output to Japanese buyers. However, additional U.S. cargoes helped ease the shortage, with shipments to Asia rising from 970,000 MT in February to 2.71 million MT in April and 3.68 million MT in May. The demand for natural gas remained uneven and showed regional variations: China’s LNG imports recovered in May, Taiwan increased spot buying, while Japan and South Korea reduced import volumes.
Europe
Europe remained exposed to LNG competition because Asian buying pulled flexible cargoes away whenever the Asia premium strengthened. The region did not face the same immediate supply panic as Asia, but storage replenishment needs kept it active in the global LNG market. When Hormuz flows resumed and Australian loadings recovered, Europe benefited indirectly through lower competition for Atlantic Basin cargoes. However, any renewed Qatari disruption would again tighten European replacement options, especially as Asian utilities and European storage buyers compete for the same flexible LNG supply.
North America
In the United States, Natural Gas prices were ~USD 2.77/Mbtu in April and ~USD 2.94/Mbtu in May, showing a ~6.1% increase. The rise was supported by stronger LNG export pull, as U.S. cargoes were redirected toward higher-value Asian markets. North America remained better supplied than importing regions, but export demand linked the domestic market more closely to global LNG disruptions. Higher shipments to Asia tightened available export balance and supported U.S. pricing.
Natural Gas, a fossil energy source formed deep beneath the earth's surface, is a mixture of several compounds and/or gases. It is primarily composed of hydrocarbon elements while its largest component is methane. It is a non-renewable hydrocarbon, which is utilised as an energy source for various purposes including cooking, heating, and electricity generation.
It serves as an important chemical feedstock in the production of commercially important organic chemicals and is further used as a fuel for vehicles. Crude form of Natural Gas is often referred to as wet natural gas because, along with methane, it contains NGLs (natural gas liquids), and water vapour.
Fertilizer, Antifreeze, Plastics and glass, Fabrics, Chemical feedstock, Paint, Power generation, Transportation, Animal and fish feed
Gazprom PAO, Royal Dutch Shell Plc, Exxon Mobil Corporation, Total SA, PetroChina Company Limited, BP Plc
CurrencyUS$ (Data can also be provided in local currency)
Supplier Database AvailabilityYes
Customization ScopeThe report can be customized as per the requirements of the customer
Post-Sale Analyst Support360-degree analyst support after report delivery
Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.
In order to produce consumer-grade, or pipeline quality natural gas, the crude natural gas (wet gas) obtained from oil wells is sent to a processing plant to remove water vapour and nonhydrocarbon compounds like sulphur, helium, carbon dioxide, etc. After the removal of these impurities, NGLs are also separated from the wet gas, and the processed Natural Gas is sent through pipelines for distribution after the addition of odorants.
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