<![CDATA[This study examines natural gas price dynamics across the United States, Europe, and Japan from 2022 to 2025 to evaluate global market integration. Using World Bank Commodity Markets Outlook data and statistical methods including coefficient of variation, price spread analysis, and volatility modeling, the study finds that despite LNG trade expansion, significant regional price differentials persist. Europe experienced sharp price spikes due to the Russia-Ukraine conflict, Japan was buffered by long-term contracts, while the US maintained the lowest and most stable prices owing to strong domestic production. In 2025, seasonal trends and storage capacity continued to shape regional pricing. The study concludes that global natural gas markets remain only partially integrated, constrained by regulatory heterogeneity, contractual rigidity, and uneven infrastructure development. Policy recommendations include establishing regional trading hubs, standardizing contracts, and investing in flexible infrastructure to enhance energy security and market resilience.]]>
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