EU agrees historic phase-out of Russian gas by 2027
December 3, 2025
Natural gas prices continued to soften in March across all key markets amidst improving supply availability and high storage levels.
In Europe, TTF prices dropped by close to 70% yoy to average at $14/mmbtu, despite a Russian piped flows now down by 80% on the year.
Lower demand (-14%) together with strong LNG inflow (up by 25%) and very high storage levels continued to provide downward pressure on prices, which are now falling into the coal-to-gas switching range.
In Asia, JKM prices followed a similar trajectory, down by over 60% yoy to an average of $13.5/mmbtu. hence, spot LNG prices are sliding back to the range of oil-indexed LNG – for the first time since summer 2021.
We also start to see some demand resurgence from China – with LNG imports up by 10% yoy, although remaining well-below its 2021 levels.
In the US, Henry Hub prices more than halved compared to last year, and fell below $2/mmbtu by the end of March – their lowest level since Sep20.
Strong production growth (up by 7%) and high storage levels continued to depress gas prices.
What is your view? How will gas markets evolve through the injection season? Could we see a rebound in prices?
