Mixed global gas price signals

Overview highlights

Call to action: Watch back Asian LNG near-term demand webinar

On 25 July 2025, Kpler Insight analysts hosted a live webinar on the Asian LNG near-term demand outlook: weather, risk & regional drivers. To watch back the recording and download the slides, please click here.

Market & Trading Calls

European TTF front-month price outlook: Stable as ample pipeline supply and relatively strong renewable generation will offset heavy LNG maintenance in Italy and increased competition with Egypt for Atlantic Basin cargoes.

Asian LNG front-month price outlook: Slightly bullish on typhoon delays, reduced Bintulu and Qatari exports, and stalled LNG Canada ramp-up, though gains are capped by weak cooling demand and elevated inventories.

Asian LNG – TTF spread outlook: Slight widening as some bullishness is expected in Asian LNG while TTF holds stable. The spread narrowed to $0.37/MMBtu on 30 July from $0.7/MMBtu on 23 July.  

US Henry Hub front-month price outlook: Stable as broadly weak near-term and long-run fundamentals keep prices subdued near $3.00/MMBtu.

Key natural gas and LNG front-month prices ($/MMBtu)

Source: ICE, NYMEX, Spark Commodities. Brent-indexed price represents 12% slope of 90-day moving average of Brent contract. Netforward USGC to NWE calculation is 115% Henry Hub contract plus shipping and regasification costs into Gate (Spark Commodities).

Asian LNG-TTF front-month spread ($/MMBtu)

Source: ICE, Kpler Insight

Want the complete report?

The full report is available within Insight and contains:

• Europe: Some bullish pressure amidst regas maintenance and competition with Egypt offset by strong pipeline flows and relatively strong renewable generation
• Asia: Slightly bullish signals for Asian LNG amid supply disruptions and tariff risk, but weak cooling demand and high inventories cap gains
• US: Henry Hub remains suppressed amid weak fundamentals and robust supply
• LNG Supply: Global exports could tick down this week on lower Pacific basin supply; Sabine Pass feedgas eyed

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