Natural gas looks structurally bid across every major benchmark — European TTF, US Henry Hub, Waha, and Asian/European LNG spot — according to a cluster of research published this week.
On Europe, researchers point to EU storage sitting just above 50% versus a seasonal norm near 66%, sluggish LNG supply recovery, ongoing delays in Qatari output ramps, and fierce Asian competition for cargoes as reasons prices should stay well-supported through winter 2026/27. A separate analytical thread ties near-term LNG spot swings directly to Persian Gulf security — insurer nerves around the Strait of Hormuz are keeping Asian and European spot bids elevated.
On the US side, one camp of analysts projects Henry Hub climbing toward roughly $3.80 by 2027, driven by about 4 BCF/d of new LNG export demand and nearly 3.5 BCF/d of additional gas-fired power burn — both structural, not weather-driven. For Waha, the published view is that new Permian pipeline egress (up to 4.7 BCF/d) should absorb production growth and cushion the brutal price collapses seen in prior years, with a 2027 anchor near $3.00. A contrarian-adjacent thread also flags rising Japanese and international M&A interest in US gas assets over the next 12–18 months.