Natural Gas Prices in Europe Remain Around €27

Trading Economics

European natural gas prices hovered around €27 per megawatt-hour in December, near their lowest levels since April 2024, and were down roughly 45% for the year.

Prices have remained supported by record US LNG exports and steady supply from Norway.

The US is set to export around 14.9 billion cubic feet per day of LNG this year, up 25% from 2024 levels, according to the EIA’s latest Short-Term Energy Outlook.

Meanwhile, Norwegian pipeline gas nominations to Europe stand at around 347 million cubic metres per day, the highest level since August 2024.

However, the latest weather forecasts point to colder temperatures and less windy conditions in Europe heading into January, which is expected to lift heating demand.

At the same time, EU gas storage sites were last reported to be 69.92% full, compared with 77.91% at the same point last year.

Adding potential pressure to the LNG market, one of the three liquefaction trains at the Freeport LNG export plant in Texas was shut down on Tuesday.

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Natural Gas Prices in Europe Remain Around €27

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