Energy Markets 18 December 2025 - 26 December 2025

Natural gas “today” is a classic holiday-market paradox: not many people are trading, but the people who are trading can move prices. Across the major benchmarks, the story is broadly consistent—winter weather risk is back in focus, LNG demand remains a powerful support in the U.S., and Europe is watching both temperature swings and storage levels as it heads deeper into the heating season. Baird Maritime / Work Boat World

Natural gas markets are ending Christmas Eve with a familiar mix of volatility and contradiction: U.S. Henry Hub-linked futures are retreating after a sharp rally, while Europe’s benchmark prices are firming modestly—all as traders juggle shifting temperature models, LNG headlines, and a holiday-altered flow of “must-watch” data releases.

Natural gas markets are ending the Christmas Eve session with a familiar late-December personality: thin holiday liquidity on the surface, but big structural forces underneath. On the U.S. side, Henry Hub futures have been whipsawing—first pressured by warmer forecasts, then pulled higher by near-record LNG export demand and a wave of short-covering. In Europe, benchmark gas prices eased as traders weighed a potentially less-severe cold spell against stable Norwegian supply and an LNG system that still looks well-stocked heading into January. Meanwhile, geopolitical and infrastructure headlines—from a halt in Iranian gas flows to Iraq to fresh LNG dealmaking and Russia’s push to field ice-class LNG tankers—are keeping the global gas chessboard busy even as much of the world clocks out for the holidays. Reuters+4Hellenic Shipping News+4Hellenic Shipping News+4

Natural gas markets are closing in on year-end with a familiar mix of winter weather risk, record LNG pull, and stubbornly strong production—but on Tuesday, December 23, 2025, the bullish forces briefly overwhelmed the bears.

December 22, 2025 — Natural gas markets are starting the holiday-shortened week with a familiar winter tug-of-war: early-season cold boosted prices and withdrawals, but a shift toward milder forecasts is now cooling bullish momentum even as LNG export demand remains elevated.

Natural gas is heading into the Christmas week with a familiar winter tug-of-war: weather risk vs. supply reality. In U.S. trading on Monday, front-month NYMEX natural gas futures weakened as record production and a warmer-than-normal forecast into early January pressured the market—even as LNG export demand remains near record levels.

Natural gas markets are starting the holiday-shortened week with a familiar tug-of-war: weather forecasts that lean warmer and sturdy supply are keeping prices contained, while LNG logistics, storage trends, and geopolitics continue to inject volatility into regional benchmarks.

December 21, 2025 — Natural gas markets are closing out the year with a familiar winter paradox: heating season is underway, but prices are being dragged lower by milder temperature forecasts and a supply picture that still looks comfortable in both the U.S. and Europe.

December 20, 2025 — Natural gas markets are closing out the week with a familiar winter tug-of-war: weather forecasts softening near-term heating demand, while LNG export pull and policy shifts keep longer-term supply anxiety alive. Friday’s last traded levels show a market that’s no longer panicking about immediate shortages—but also not comfortable enough to price in a smooth ride through 2026.

Natural gas markets closed the week with a split personality: U.S. futures bounced off fresh lows even as milder weather forecasts capped upside, European prices ticked higher on weaker wind output, and Asian spot LNG fell to its lowest level since April 2024 as demand stayed soft.

U.S. natural gas prices ended Thursday’s session with a familiar winter headline: storage fell sharply, but not as sharply as some traders expected — and the market sold off anyway.