JPM Natural Gas and NGL Reservoir: Global LNG Analyzer: Asia Leads, While Europe Plays Catch-Up

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JPM Natural Gas and NGL Reservoir: Global LNG Analyzer: Asia Leads, While Europe Plays Catch-Up

J P M O R G A N North America Equity Research

13 July 2026

JPM Natural Gas and NGL

Reservoir

Global LNG Analyzer: Asia Leads, While Europe Plays

Catch-Up

JPM View: In this week's Reservoir, we highlight some key takeaways from the Oil & Gas Exploration & Production

AClatest Global LNG Analyzer report released by JPM’s Global Commodities Arun Jayaram

Research team (see here for their full note). Global LNG imports held up better than (1-212) 622-8541

expected in June, averaging 1,507 Mcm/d, down only 1.8% YoY, supported by a arun.jayaram@jpmchase.com

recovery in Asian demand. After months of decline and a largely flat YoY trend in Pankaj Bhatter, CFA

May, China's LNG imports rose 5 Mcm/d (+2%) YoY in June, while imports across (1-212) 622-3795

Asia (ex-China/JKM) increased 32 Mcm/d (+9%) YoY, led by India (+21 Mcm/d, pankaj.bhatter@jpmchase.com

+22% YoY) and Thailand (+12 Mcm/d, +38% YoY), likely driven by the upcoming Jack Jerusalmi

El Niño weather pattern and rising cooling needs. With Asia absorbing more spot (1-212) 622-6552

jack.jerusalmi@jpmorgan.com

LNG, European imports lagged significantly, declining 80 Mcm/d (-20%) YoY in J.P. Morgan Securities LLC

June, reflecting the pull from higher JKM/TTF premiums. Ongoing robust

premiums have redirected marginal U.S. spot cargoes towards Asia, driving the

EU's share of U.S. spot LNG imports to drop to ~50% in June vs. 65% in June 2025.

The demand recovery was enabled by stronger-than-expected global supply, led by

the U.S. and in particular Sabine Pass. The team estimates Sabine Pass exports

were 31 Mcm/d higher in June, while total U.S. LNG exports averaged 505 Mcm/d

(+31% YoY).