Natural Gas - JKM: Market Size & Forecast 2026

The global LNG market benchmarked by the Japan Korea Marker sits at approximately USD 450 billion in 2025 (base year). The market has traversed a dramatic five-year arc: from the 2022 supply crisis that pushed JKM briefly above USD 50/MMBtu, through the 2023-2024 normalisation driven by US Gulf Coast liquefaction additions, into a 2025 base year where a structural supply overhang is beginning to cap price upside. The 2025-2032 period compounds at 3.2 percent, reaching roughly USD 562 billion by the 2032 forecast year. JKM spot prices have corrected to the USD 8-11/MMBtu corridor in 2025, with structural supply additions pointing toward a USD 6-7/MMBtu equilibrium by 2030. The category is transitioning from a seller's market to a buyer's market, but the transition is uneven: Northeast Asian buyers remain structurally short of indigenous supply, while US exporters and Qatari producers expa

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