EU agrees historic phase-out of Russian gas by 2027
December 3, 2025
European gas prices recorded hefty losses on Monday amid warmer weather and an improved supply outlook.
The Front-month UK NBP price fell by 6.1% to close at the equivalent of USD 7.73/MMBtu. The Dutch TTF recorded a loss of 6.5% to close at the equivalent of USD 7.17/MMBtu.
US natural gas benchmark Henry Hub ended a four-day losing streak after rallying by 6.4% to close at USD 2.60/MMBtu. The gain, along with the losses on the European gas markers, saw the Henry Hub-NBP spread fall by 11% to stand at USD 5.13/MMBtu, with the Henry Hub-TTF spread falling by 12% to settle at USD 4.57/MMBtu.
CME’s JKM futures contract fell by 2.8% amid forecasts of warmer weather and improving LNG supply to Asia.
Crude prices closed ~USD 0.5/barrel higher on Monday, however the front-month Brent price remained in the USD 55/barrel range, with WTI also remaining in the USD 52/barrel range. The gains were once again attributed to the proposed Covid-19 recovery package in the US, with supply concerns – namely an outage at Kazakhstan’s Tengiz field – also helping lift crude prices.
The European carbon fell back into the EUR 33/tonne range after recording a loss of 3.1% to start the week.
Source: Gas Strategies
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