Lower LNG supply and higher prices expected to weaken China’s demand while Europe stays the premium market in 2025

Market & trading calls for 2025

European TTF price outlook: ▲ Bullish as the average price forecast was raised for summer 2025 due to downward revisions on net pipeline supply to Europe and lower underground gas storage levels by the end of the 2024-2025 winter period. European TTF prices to average $13.46/MMBtu in 2025.  

Asian LNG price outlook: ▲ Bullish as Asian front-month LNG prices were revised upwards for the upcoming summer season to reflect lower supply in the Pacific basin and increased competition for LNG cargoes with Europe. Asian LNG front-month prices are projected to average $12.89/MMBtu in 2025.

US Henry Hub price outlook: Neutral as looming mild weather in March combats the impact of recently implemented tariffs between Canada and the US. While the market shock associated with the tariffs may wane in the coming days, expectations of a strong storage injection season will likely lend some upward support to the April contract this the month. Henry Hub front-month prices are expected to average $3.68/MMBtu in March.