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 January report are as follows:
Gas consumption:
Major gas consuming regions recorded an increase in gas demand in late 2025. In December 2025, EU gas consumption rose by 0.3% y-o-y to 40 bcm, driven primarily by higher residential heating demand and increased gas-fired power generation amid lower average temperatures compared with a year earlier. Similarly, US gas consumption increased by 6.8% y-o-y to 99.5 bcm, supported by growth in the residential and commercial sectors as cooler-than-average temperatures intensified space heating needs, particularly in northern regions. In November 2025, China’s apparent gas demand grew by 7.8% y-o-y to 38.4 bcm.
Gas production:
Global gas production trends varied across regions in late 2025. In December 2025, US gas production rose 3.7% y-o-y to a record high of 95.9 bcm, supported by favourable Henry Hub prices and rising LNG exports. The Asia-Pacific region recorded marginal growth of 0.3% y-o-y, led by higher output in China. In November 2025, European gas production declined by 1.3% y-o-y to 16 bcm, reflecting reduced output in the UK and the Netherlands. On the upstream front, Nigeria, a GECF member, launched a new licensing round for oil and gas exploration.
Gas trade:
In December 2025, global LNG trade reached new highs, with imports hitting a record 41.9 Mt, rising 10% y-o-y and surpassing the 40 Mt threshold for the first time. Europe led the growth as LNG compensated for declining pipeline gas imports, while Asia Pacific also strengthened amid softer prices. Europe remained the preferred destination for US LNG exports, supported by the narrow spot price spread with Asia.
Gas storage:
In December 2025, the net gas withdrawal season continued in northern hemisphere countries. In the EU, the monthly average aggregated gas stocks declined to 72 bcm, or 69% of capacity, compared with 82 bcm a year earlier. In the US, the monthly average storage level fell to 100 bcm, or 75% of capacity, compared with 101 bcm last year. In Asia, milder temperatures and increased imports contributed to a 14% y-o-y increase in combined LNG storage levels in Japan and South Korea, reaching 15 bcm.
Energy prices:
In December 2025, European TTF spot prices averaged $9.48/MMBtu, declining by 8% m-o-m and 31% y-o-y, with daily prices touching a 19-month low of $9.14/MMBtu. In Asia, NEA spot LNG prices averaged $9.89/MMBtu, down 11% m-o-m and 30% y-o-y. In contrast, US gas prices continued their upward trajectory, with Henry Hub averaging $4.18/MMBtu, reflecting increases of 8% m-o-m and 39% y-o-y. Looking ahead, spot prices could receive support and firm modestly if colder weather materializes and seasonal heating demand strengthens across key consuming regions