Shan Ahmed Khan

December 23, 2025 — Natural gas markets are heading into the holiday stretch with a familiar winter tug-of-war: weather-driven demand vs. resilient supply. In the U.S., record production and warmer forecasts are keeping futures from running away, even as traders watch storage withdrawals and LNG export demand. In Europe, prices remain relatively contained thanks to Norwegian flows and LNG availability, despite winter drawdowns. In Asia, the LNG picture is split—China’s domestic LNG prices are sliding to multi-year lows on weak winter demand, while Myanmar is preparing a comeback as an LNG importer after years off the map.