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Backwardation, Rising Tide of Supply Signal Another Reset Ahead for LNG Market

Natural Gas Intelligence · last updated

The recent rally in global natural gas prices could prove to be short-lived as the forward curve is backwardated and more supplies are poised to hit the market this year.

Chart showing global natural gas futures settles through 2029, comparing Henry Hub, JPN/KOR (JKM) and TTF prices in $US/MMBtu, with forward curves and tables detailing 12-month strips and calendar-year 2027–2029 prices as of Jan. 21, 2026.

At A Glance:

  • Global gas rally likely to fizzle
  • EU demand to support prices this year
  • LNG utilization rates poised to fall post-2026

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