NEW YORK, June 9, 2026 — Global liquefied natural gas (LNG) prices could rise to their highest level in more than three years, according to a new analysis by Morgan Stanley, as stronger demand in Asia and inventory rebuilding efforts in Europe tighten global market balances.
The investment bank forecasts that the Asian LNG benchmark price could reach $25 per million British thermal units (MMBtu) during the third and fourth quarters of 2026. That would represent an increase of more than 30% from current forward market expectations and mark the highest price level since early 2023.
Morgan Stanley analysts said a combination of factors is supporting the bullish outlook. Demand has begun recovering in major Asian markets, including China and India, while Europe faces increasing pressure to replenish gas storage facilities ahead of the winter heating season. At the same time, hotter summer weather forecasts across Asia are expected to boost energy consumption and LNG imports.
The bank noted that concerns over global supply remain significant. Although production from facilities outside the Persian Gulf and new North American export capacity have helped offset some disruptions, the LNG market remains vulnerable to supply interruptions. Morgan Stanley warned that ongoing constraints affecting exports from key producing regions could further tighten the market.
European gas inventories are also below historical norms, increasing the urgency for storage injections before winter. According to Morgan Stanley, shrinking time available for stockpiling combined with recovering Asian demand could intensify competition for LNG cargoes in the months ahead.
The forecast contrasts with some longer-term industry expectations that a wave of new LNG export projects could eventually ease market tightness. However, Morgan Stanley believes near-term demand growth and supply risks are likely to dominate market dynamics through the remainder of 2026.
Source: Patronlar Dünyası/ Prepared by: İlayda Gök