The Gas Exporting Countries Forum (GECF or Forum) ‘Monthly Gas Market Report (MGMR)’ is a monthly publication of the GECF focusing on short-term developments in the global gas market related to the global economy, gas consumption, gas production, gas trade (pipeline gas and LNG), gas storage and energy prices.
The highlights of the December report are as follows:
Gas consumption:
For the full year 2025, global gas consumption growth is projected at 1.5%. In November 2025, EU natural gas consumption decreased by 2.6% y-o-y, reaching 33.8 bcm. The decline was driven by lower residential heating demand and reduced industrial needs despite the cold spell that Europe experienced during the third week of the month. In the same month, US natural gas consumption increased by 3.7% y-o-y to 79 bcm, supported by higher residential and commercial demand. In October 2025, China’s apparent gas demand recorded a growth of 0.6% y-o-y to 35.6 bcm.
Gas production:
For the full year 2025, global gas production is projected to grow by 1.7%, largely driven by strong output in North America. In November 2025, US gas production rose by 6.8% y-o-y to stand at of 93.2 bcm, supported by favourable Henry Hub prices and rising LNG exports. The Asia-Pacific region declined by 1.1% y-o-y in October, driven by the reduced output in some main Asian producers, which was not fully offset by growth in Chinese gas production. In contrast, Latin America and the Caribbean recorded a 3.3% y-o-y rise, underpinned by record monthly production in Brazil. On the upstream front, Saudi Aramco initiated production at Jafurah gas field, world’s largest shale gas project outside the US.
Gas trade:
In November 2025, global LNG imports maintained strong momentum, rising 14% y-o-y to 38.2 Mt. Europe continued to drive growth, supported by lower pipeline gas imports and a persistently narrow price spread between European and Asian spot LNG, which made it the preferred destination for flexible Atlantic-basin cargoes, particularly from the US. Meanwhile, Asia Pacific and MENA posted modest gains. On the export side, US LNG shipments exceeded 100 Mt from January to November 2025, marking a historic milestone and cementing the US position as the world’s leading LNG exporter.
Gas storage:
In November 2025, the net gas withdrawal season commenced in the EU, with the region’s monthly average gas storage level decreasing to 84 bcm or 81% of capacity, compared to 95 bcm one year earlier. In the US, storage levels rose to this year’s maximum level of 112 bcm, or 83% of capacity, the same level as in November 2024. In Asia, the combined LNG storage in Japan and South Korea increased to 15 bcm, which was 2% greater than at the same point one year ago.
Energy prices
In November 2025, European TTF spot prices averaged $10.35/MMBtu, down 5% m-o-m and 25% y-o-y, with daily prices falling to $9.77/MMBtu—the lowest level since May 2024. In Asia, NEA spot LNG prices averaged $11.07/MMBtu, rising 2% m-o-m but still 21% lower y-o-y. In the US, Henry Hub prices continued their upward trajectory, averaging $3.87/MMBtu, an increase of 22% m-o-m and 78% y-o-y. Looking ahead, spot prices may be supported by colder weather driving stronger heating demand.