Natural Gas Price Today (Dec. 19, 2025, 9:39 a.m. ET): Henry Hub Hovers Near $3.92 as Asia LNG Slides and Europe TTF Firms on Wind Dip

NEW YORK / LONDON / SINGAPORE — December 19, 2025 (9:39 a.m. ET) — U.S. natural gas prices are trying to steady after a choppy December stretch that saw early-month spikes fade into a late-week pullback. As of 9:39 a.m. ET, Henry Hub natural gas futures were around $3.92 per mmBtu, edging above the prior close after opening near $3.94, with the session range roughly $3.84 to $3.96 so far. ^[1]

The story behind today’s tape is global: Asian spot LNG has slipped to a fresh 20‑month low, Europe’s hub prices are ticking up on weaker wind output, and traders everywhere are weighing one key question—whether late‑December weather stays mild enough to cap heating demand, or turns just cold enough (and long enough) to tighten balances into early 2026. ^[2]

Natural gas price today: where Henry Hub stands at 9:39 a.m. ET

The benchmark U.S. contract is being pulled in opposite directions:

Supportive: winter still isn’t over, LNG export demand remains a major structural bid for U.S. gas, and any surprise cold burst can tighten the prompt balance fast.
Bearish: forecasts leaning warmer reduce heating demand, production has been resilient, and global gas prices have softened, easing the urgency for marginal LNG purchases.

On the screen this morning, market data show Natural Gas futures near $3.92/mmBtu with a “Strong Sell” technical signal on daily indicators—an illustration of how quickly sentiment has swung from early‑December enthusiasm to late‑week caution. ^[3]

A broader macro snapshot also reflects that cooling tone: Trading Economics shows U.S. natural gas around $3.91/mmBtu on Dec. 19. ^[4]

The biggest near-term driver: weather expectations into late December

In winter, weather isn’t just another variable—it’s the variable. Heating demand dominates short-term consumption, and the market tends to reprice quickly when model runs shift.

A recent industry note from the American Gas Association highlighted that Henry Hub prompt-month futures traded above $5.20/mmBtu early in December before dropping back as forecasts for late December trended warmer—an important reminder that even a few mild runs can knock the risk premium out of the front of the curve. ^[5]

For traders, the setup into the Christmas-to-New Year window typically comes down to three weather-linked questions:

How cold does it get—really? (and how widespread is the cold across major demand regions)
How long does it last? (a short cold snap can be noisy; a persistent pattern matters)
How do exports and storage react? (the “plumbing” variables can amplify or mute the weather signal)

Global LNG: Asia spot prices hit a fresh 20-month low

The most telling global headline today is in LNG.

A Reuters-reported Global LNG assessment published today says Asian spot LNG prices slipped to a fresh 20‑month low, with the average price for February delivery into Northeast Asia estimated at about $9.50/mmBtu, down from roughly $10 the prior week and the lowest since April 2024. ^[6]

What’s driving the softness?

Analysts cited weak Northeast Asian gas demand, helped along by firm pipeline gas supplies into China and strong renewable generation in Japan, which reduces gas burn in the power stack. ^[7]
Expectations remain “slightly bearish” in the near term due to warmer-than-seasonal temperatures and ample Pacific supply, according to market commentary in that report. ^[8]
Importers that are more price-sensitive have shown interest, but China’s incremental demand is still muted; some buyers are reportedly eyeing prices in the mid‑$8s/mmBtu before stepping in more aggressively. ^[9]

Why this matters to U.S. natural gas: when Asia and Europe LNG benchmarks soften, the global arbitrage that supports marginal U.S. LNG flows can narrow—especially once shipping, fuel, and regas costs are included. That doesn’t automatically shut off exports, but it can reduce the market’s willingness to pay up for U.S. feedgas during mild-demand periods.

Europe: gas prices edge higher as wind output fades, storage at ~68%

Europe’s gas market sent a different signal Friday morning.

A Reuters update published via TradingView reported that Dutch and British wholesale gas prices edged higher as forecasts called for lower wind power output, which typically increases gas burn for power generation. ^[10]

Key datapoints from that European session:

The Dutch TTF front-month was reported up ~€0.70 to €28.05/MWh (about $9.63/mmBtu) by 09:18 GMT. ^[11]
Britain’s day-ahead gas contract rose as well, and analysts pointed to higher power-related demand as wind generation dips. ^[12]
Norwegian export nominations were steady around 348 million cubic meters/day, helping keep supply conditions comfortable. ^[13]
European gas storage was reported at ~68.2% full (Gas Infrastructure Europe data cited in the same update). ^[14]

Trading Economics also shows Europe’s benchmark TTF gas around €27.98/MWh on Dec. 19 (up modestly on the day), underscoring how the European market is moving more on power-sector variability and storage pace than on panic about supply. ^[15]

Europe LNG markers: below the hub, but colder forecasts lurk in the background

Europe may be “well supplied” right now, but the market is also looking beyond the next few days.

In the same Reuters-reported LNG coverage published today, the Northwest Europe LNG Marker for February deliveries was assessed around $8.881/mmBtu on Dec. 18, at a discount to hub pricing, with other price assessments in a similar neighborhood. ^[16]

That report also noted a balancing act Europe is living with:

Fundamentals look supplied (pipeline flows and U.S. LNG arrivals).
Sentiment stays guarded because there are forecasts for colder conditions early in the new year, and storage levels are described as lower than recent years—a setup that could force more procurement if winter bites. ^[17]

LNG shipping and arbitrage: signals are pointing toward Europe

One of the more practical “tell” signals in global gas is freight and route economics.

The Reuters-reported LNG market update published today said LNG freight rates softened again, and that front-month arbitrage economics to Northeast Asia were pointing toward Europe via common routes—another sign that, for now, Europe remains the marginal sink for flexible supply. ^[18]

For U.S. natural gas bulls, that’s a mixed message:

It supports U.S. LNG utilization if Europe remains a reliable destination.
But it also confirms that Asia’s incremental pull is currently limited—typically a softer backdrop for global prices.

Forecasts: what the next few weeks (and 2026) could look like

U.S. official outlook: winter prices near the low-$4s on average

The U.S. Energy Information Administration’s Short‑Term Energy Outlook (Dec. 9, 2025) says the Henry Hub spot price in its forecast rises to an average of almost $4.30/mmBtu this winter (November–March), driven primarily by expectations of higher space-heating demand tied to colder weather. ^[19]

That’s a crucial framing point for today: even if the market is soft this morning, the official baseline still assumes winter averages in the low‑$4s.

Bank outlook: Goldman’s 2026 gas view

In a separate Reuters report on major commodity forecasts this week, Goldman Sachs projected 2026 European TTF natural gas prices around €29/MWh and U.S. gas prices around $4.60/mmBtu, with lower prices in 2027 to encourage supply/demand adjustments. ^[20]

Whether or not traders agree with those precise levels, the message is clear: banks are increasingly treating gas as a structurally “tighter” commodity than the post-2022 shock period might suggest—especially with power demand growth and LNG dynamics reshaping the long-run call on U.S. supply.

Natural gas technical outlook: key levels traders are watching today

From a short-term, trading-oriented lens, one technical forecast published today flagged:

A resistance zone around $4.20
Support near $3.88
A projected daily range roughly $3.68 to $4.07
A bearish near-term bias ^[21]

Technical views vary widely—and fundamentals usually win over time—but those levels align closely with what the market is already expressing: rallies are being sold into resistance, while dips are being measured against support in the high‑$3s.

The LNG project signal: Energy Transfer pauses Lake Charles LNG

One more piece of “bigger picture” LNG news still rippling through the market: Energy Transfer announced it was suspending development of its Lake Charles LNG export project in Louisiana amid rising costs and what Reuters described as a global LNG supply glut. ^[22]

This matters for natural gas traders because U.S. LNG capacity decisions shape the long-term demand “floor” for feedgas. A high-profile pause reinforces that the next wave of LNG growth may not be linear—even in a policy environment that is generally supportive of permitting.

What to watch next: the catalysts that can move prices fast

Heading into the final stretch of 2025, natural gas traders will typically focus on a tight set of catalysts:

Weather model shifts (especially 10–15 day trends across the Midwest, Northeast, and Texas)
European wind generation forecasts (because lower wind often means higher gas burn and firmer TTF) ^[23]
Asian LNG demand signals (spot tenders, China re-entry thresholds, and regional temperature anomalies) ^[24]
Storage withdrawal pace (as a reality check versus expectations)
LNG utilization and shipping economics (whether flexible cargoes keep flowing to Europe) ^[25]

Bottom line: a market caught between mild weather and global gas crosscurrents

As of 9:39 a.m. ET on Dec. 19, U.S. natural gas is trading like a market trying to find balance: prices near $3.92 suggest the front end has cooled from early-December highs, but the global picture—Europe’s wind-driven demand swings, Asia’s lower spot LNG prices, and the ever-present risk of winter volatility—means complacency can be costly. ^[26]