JKM
S&P Global Platts' daily SPOT-LNG benchmark for Northeast Asian delivery; the world's swing-cargo price signal.
On 15 July, JKM settled at $16.81/MMBtu while the TTF equivalent reached about $17.40, reversing Asia's cargo-routing premium without confirming a westbound diversion.
Last refreshed: 22 September 2026 · Appears in 1 active topic
Has TTF overtaking JKM ended Asia's pull on Atlantic LNG cargoes for Q3?
Timeline for JKM
The arb flips west; no cargo follows
European Energy MarketsMentioned in: Qatar halts LNG ramp on carrier strike
European Energy MarketsMentioned in: Hormuz stand-down has not reopened the strait
European Energy MarketsHeld its arb against TTF near late-June levels
European Energy Markets: LNG carriers run under a separate capCompressed to near-parity with TTF (~USD 11.1/MMBtu), with TTF at times the dearer leg, ending Asia's pull on Atlantic LNG cargoes
European Energy Markets: LNG arb hits parity, Qatar trains darkBackground
JKM, the Japan Korea Marker, is S&P Global Platts' daily assessment of SPOT Liquefied Natural Gas for delivery to north-East Asia. JKM tracks a price without representing a physical cargo, terminal or producer. Its principal markets are Japan, South Korea, China and Taiwan, and it is assessed on a delivered ex ship basis.
JKM is the Asian side of the main price comparison for flexible LNG cargoes. Its gap with the Dutch TTF benchmark helps traders judge whether an Atlantic cargo is worth routing east or selling into Europe. When JKM holds a sufficient premium after freight costs, Asia can attract flexible supply.
That role makes JKM a useful indicator of competition between Asian importers and European buyers. It also underpins physical SPOT contracts and financial products, including swaps and futures, which let market participants manage exposure to north-east Asian LNG prices.
JKM's premium turned negative
On 15 July, JKM settled at $16.81/MMBtu against a TTF equivalent of about $17.40/MMBtu. The reversal put the European benchmark above JKM for the first time in this cycle. Five July had still shown JKM at a $1.59/MMBtu premium, which favoured Asian delivery for flexible Atlantic cargoes.
For JKM, the sign change matters because its premium is the price signal that makes an eastbound voyage pay. The 15 July reading did not produce a confirmed Atlantic cargo diversion to Europe. Freight costs and existing Charter commitments mean the spread must persist before a price signal becomes a physical flow.