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Hythe Marlow Research

LNG Buyer BriefIssue 15 · October 2026

LNG Buyer Brief · North Asia

Buyers enter winter better covered

North Asian utilities have contracted more of their winter demand than a year ago, and new supply without signed agreements stays out of the balance

Clara Voss, Head of Gas Research · Daniel Reyes, Senior Analyst

1What changes for buyers

Buyers in Japan and Korea enter the winter with more of their demand contracted than a year ago. The contracted share of expected deliveries rose in every market we cover, led by Korea, where two term agreements started in the third quarter.¹

Table 1: Contracted share of expected winter deliveries (percent)

Market	Oct 2025	Oct 2026	Change
Japan	79	84	+5 pts
Korea	74	80	+6 pts
Taiwan	71	73 E	+2 pts
North Asia	76	81	+5 pts

Source: Japanese customs data, Korea terminal schedules, Hythe Marlow Research estimates

2Price

JKM averaged $12.40 per MMBtu in September, a premium of $1.10 over TTF. Tighter Pacific basin supply and early winter buying support a wider spread through the first quarter.²

Figure 1: JKM and TTF front-month prices (USD per MMBtu)

TTFJKM

Source: JKM and TTF prices, September; Hythe Marlow Research

3What to watch

New Korean regasification capacity due in November, and Taiwan's winter buy tender, which will set the first price test of the season.

¹ Contracted volumes include signed SPAs only. Unsigned and prospective volumes are reported as pipeline supply.

² Monthly average of daily front-month settlements.

Run the October edition with this source pack

Completed · 14 min · 1 document

The October brief is open. Every figure links to the file it came from.

Lead with what changes for buyers, and keep reported figures separate from our estimates

Completed · 40 sec · 3 edits

The brief now opens on buyers. Estimates carry an E and sit in their own column.

Buyers in Japan and Korea enter the winter with more of their demand contracted than a year ago.

ApplyingLead with what changes for buyers2+

The editor with a standing instruction under Applying. Example data from a fictional firm; select steps and sources to explore

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Updated 25 September 2026