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Liquefied natural gas (LNG) prices in Asia reached 10.75 U.S. dollars per million metric British thermal units in February 2026, with Indonesian LNG deliveries to Japan providing the benchmark unit prices within the region. This figure represented a slight increase from the previous month. The global LNG benchmark, which is largely influenced by Asian market trading, particularly Indonesian LNG in Japan, serves as a key indicator for the industry's pricing trends.

Natural gas prices become less volatile

The Asian LNG market experienced less turbulence in 2024 compared to the previous year, with price volatility dropping to 61 percent. This relative stability followed an exceptionally volatile 2022, when LNG demand surged due to sanctions on Russian imports. The global natural gas price index, which encompasses European, Japanese, and American markets, stood at 174.31 index points in September 2025, showing a slight decrease that month. This trend is also reflected in overall lower crude oil price indices.

Landed prices vis-à-vis export prices

Due to its geographical location, Japan is exclusively reliant on LNG trading for its natural gas supply. As such, Japan's landed LNG spot price is often higher than for other markets, reaching approximately 10.05 U.S. dollars per million British thermal units in January 2024. By comparison, the world's largest LNG exporter, the United States, has seen its LNG export prices decrease to 6.41 U.S. dollars per thousand cubic feet in 2024, down from 7.57 U.S. dollars the previous year.