Nov 24, 2025
European natural gas prices have dropped to their lowest level in 18 months.
Predictions of milder weather in the coming weeks and a proposed U.S. peace plan for Ukraine led to a decline in European benchmark natural gas prices, reaching their lowest since May 2024.
At 11 a.m. in Amsterdam, Dutch TTF Natural Gas Futures, the standard for European gas trading, decreased by 2.5% to $35 (30.38 euros) per megawatt-hour (MWh). This marked the lowest benchmark price since May 2024, as forecasts indicated warmer temperatures following the current cold snap in northwest Europe.
For months, European gas futures had been trading around $36.90 (32 euros) per MWh, but geopolitical factors and weather are now driving prices down.
Gas traders are closely monitoring discussions about the U.S. peace plan for Ukraine, which may lead to some sanctions on Russian energy exports being lifted if the plan is approved, though its success remains uncertain.
Ukrainian President Volodymyr Zelenskyy stated on Thursday that the U.S. presented points of a plan to end the conflict, and he shared Ukraine's key principles. He noted that teams from both sides would collaborate on these points to ensure authenticity.
Zelenskyy emphasized the commitment to "clear and honest work" with the U.S. and other partners regarding the plan, which may involve significant concessions from Ukraine.
Tom Marzec-Manser, director for Europe gas and LNG at Wood Mackenzie, remarked to Bloomberg that resolving the war might prevent the ban on Russian pipeline supplies to the EU, resulting in better-than-expected gas supplies for Europe.
Although Europe's gas inventories are currently lower than last year, increased LNG flows are alleviating supply shortage concerns. Nonetheless, as with any winter, Europe’s gas futures prices will remain highly reactive to weather changes, geopolitical developments, and supply disruptions.
At 11 a.m. in Amsterdam, Dutch TTF Natural Gas Futures, the standard for European gas trading, decreased by 2.5% to $35 (30.38 euros) per megawatt-hour (MWh). This marked the lowest benchmark price since May 2024, as forecasts indicated warmer temperatures following the current cold snap in northwest Europe.
For months, European gas futures had been trading around $36.90 (32 euros) per MWh, but geopolitical factors and weather are now driving prices down.
Gas traders are closely monitoring discussions about the U.S. peace plan for Ukraine, which may lead to some sanctions on Russian energy exports being lifted if the plan is approved, though its success remains uncertain.
Ukrainian President Volodymyr Zelenskyy stated on Thursday that the U.S. presented points of a plan to end the conflict, and he shared Ukraine's key principles. He noted that teams from both sides would collaborate on these points to ensure authenticity.
Zelenskyy emphasized the commitment to "clear and honest work" with the U.S. and other partners regarding the plan, which may involve significant concessions from Ukraine.
Tom Marzec-Manser, director for Europe gas and LNG at Wood Mackenzie, remarked to Bloomberg that resolving the war might prevent the ban on Russian pipeline supplies to the EU, resulting in better-than-expected gas supplies for Europe.
Although Europe's gas inventories are currently lower than last year, increased LNG flows are alleviating supply shortage concerns. Nonetheless, as with any winter, Europe’s gas futures prices will remain highly reactive to weather changes, geopolitical developments, and supply disruptions.