Citi sees downside for U.S. gas, lifts European TTF and Asian JKM LNG forecast for Q2, 2026

ReutersMar 20, 2026 1:05 PM

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March 20 (Reuters) - Citi said on Friday it is maintaining a downside bias on U.S. Henry Hub natural gas prices, citing persistent oversupply, while lifting its global gas forecasts on the risk of LNG supply disruptions.

The bank said European TTF prices could average 75 euros/MWh ($25.4/MMBtu) in the second quarter of 2026, with Asian JKM around $26.8/MMBtu, warning the outlook remains highly uncertain and hinges on the duration and severity of supply disruptions, particularly through the Strait of Hormuz.

If the conflict ends within one to two weeks and the strait fully reopens, TTF could fall to euros 40/MWh, it added.

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