Gold, silver, and copper are rallying together in a rare, synchronized surge that is reshaping global commodity markets. As of December 24, 2025, gold trades near $4,494 per ounce, silver around $72.11 per ounce, and copper at $5.51 per pound. All three are posting their strongest annual gains in decades. Gold is up more than 70% year to date. Silver has surged over 140%, its best performance since the early 1980s. Copper has climbed roughly 36%, marking its biggest annual rise since 2009. This rally is not driven by speculation alone. It reflects deep structural forces reshaping the global economy. Investors are rushing toward metals as inflation risks linger, interest rates trend lower, and geopolitical uncertainty remains high. At the same time, copper and silver are benefiting from a massive industrial demand wave tied to artificial intelligence, electric vehicles, renewable energy, and grid expansion.

The U.S. dollar is weakening at its fastest pace in years, boosting commodity prices worldwide. Central banks are aggressively accumulating gold to reduce reliance on dollar reserves. Supply disruptions, tariffs, and underinvestment in mining have tightened markets just as demand accelerates. Together, these forces explain why precious and industrial metals are rising in unison — and why the rally may not be over yet.

Why gold prices are hitting record highs in 2025

Gold’s rally is rooted in macroeconomic stress and policy shifts. The metal briefly touched $4,525 per ounce, a fresh all-time high, before consolidating near current levels. Monthly gains are nearing 9%, driven by expectations that the Federal Reserve will begin cutting interest rates in 2026.

Lower rates reduce the opportunity cost of holding gold, which pays no yield. At the same time, inflation concerns and rising government debt are fueling what traders call the “debasement trade.” A weaker U.S. Dollar has made gold cheaper for overseas buyers, amplifying global demand.

Central banks are another powerful force. Many have accelerated gold purchases to diversify reserves and hedge against financial instability. Analysts now project gold could dip modestly toward $4,350 near quarter-end before climbing toward $4,600 over the next 12 months, supported by sustained official-sector buying.

Why silver is outperforming gold this year

Silver’s surge is even more dramatic. Prices briefly topped $72.70 per ounce, and despite minor pullbacks, the metal remains up over 140% in 2025. Unlike gold, silver plays a dual role as both a safe-haven asset and a critical industrial material.

Demand from solar panel manufacturing, electric vehicles, and data centers has exploded. Each new energy or AI project consumes silver permanently, tightening supply. Monthly gains near 40% reflect how quickly inventories are being absorbed. With silver now classified as a strategic and critical mineral in several countries, analysts see prices holding above $70 into 2026, with forecasts pushing toward the mid-$70s.

Why copper demand is exploding from EVs, AI, and infrastructure

Copper’s rally tells the story of the energy transition. Prices are approaching $12,000 per metric ton, driven by soaring demand from electric vehicles, artificial intelligence data centers, and power grid expansion. A single electric vehicle can use up to four times more copper than a traditional gasoline car.

According to Goldman Sachs, grid expansion and power infrastructure could account for more than 60% of copper demand growth by 2030. Supply, however, is struggling to keep pace. Mining disruptions in Chile and Peru have constrained output, while new projects face long approval timelines.

Adding to the pressure, U.S. trade policy has reshaped the market. A 50% tariff on imported copper products triggered stockpiling and hoarding. J.P. Morgan expects tight supply conditions to persist well into 2026.

What futures markets are signaling about metals prices next

Looking ahead to 2026, analysts broadly expect gold, silver, and copper prices to stay elevated, with volatility driven by interest rates, global growth, and supply constraints. Forecasts suggest the metals rally is shifting from a momentum-driven surge to a structurally supported cycle. Gold price forecast for 2026
Gold is expected to remain well above historical averages. Most bank and commodities desk models see gold trading in a $4,300–$4,900 per ounce range through 2026. Central bank buying remains the anchor. If the Federal Reserve begins rate cuts, real yields could fall further, supporting upside risk toward the upper end of forecasts. Downside risk appears limited unless inflation cools sharply and the dollar strengthens materially.

Silver price forecast for 2026
Silver forecasts are more aggressive due to tight supply and industrial demand. Analysts project an average range of $68–$78 per ounce, with volatility likely. Solar installations, EV production, and data center expansion continue to absorb supply faster than mining output grows. Silver’s dual role as an investment metal and industrial input keeps it highly sensitive to both rate policy and global manufacturing trends.

Copper price forecast for 2026
Copper outlooks remain bullish but uneven. Consensus estimates place copper between $5.40 and $6.10 per pound, with some upside scenarios tied to grid expansion and AI infrastructure. Electric vehicles, renewable energy, and transmission upgrades drive demand, while mine supply growth remains constrained. Trade barriers and inventory rebuilding could keep prices near cycle highs.

Gold is expected to stabilize at historically high levels. Silver may remain the most volatile, with sharp rallies on demand shocks. Copper prices are likely to stay supported by long-term electrification trends. Together, forecasts suggest metals will remain a key inflation and growth hedge throughout 2026, rather than reverting to pre-2024 norms.

Copper price activated with the main indicators again, surpassing the barrier at $5.5000, announcing its readiness to achieve extra gains on a near-term basis, therefore, we will keep our bullish expectations, reminding you that the extra target near $5.6300 and $5.7400 level.

 

Note that the price stability below the current barrier might force it to form mixed trading, and there is a chance of testing the support at $5.1500.

 

The expected trading range for today is between $5.3900 and $5.6300

 

Trend forecast: Bullish

 

Coffee price surrendered to the negative pressures, forcing it to suffer several losses towards 339.20, facing a strong support base as appears in the above image.

 

The price stability above this support and stochastic attempt to exit the oversold level might provide a chance to recover several losses by its rally towards 359.80, then wait for facing the moving average 55 near 368.50.

 

The expected trading range for today is between 338.00 and 359.80

 

Trend forecast: Bullish

 

Updated: 23.12.2025 — 5:04

Natural gas markets are closing in on year-end with a familiar mix of winter weather risk, record LNG pull, and stubbornly strong production—but on Tuesday, December 23, 2025, the bullish forces briefly overwhelmed the bears.

In the U.S., Henry Hub front-month futures surged into the mid-$4s per million British thermal units (mmBtu), after trading swung from an early single-digit gain to a double-digit move later in the day. Reuters pricing showed the front month around $4.41/mmBtu on the session, up sharply on the day with an intraday range roughly $3.94–$4.45. ^[1]

Across the Atlantic, benchmark Dutch TTF gas eased below €28/MWh in thin pre-holiday trading, with Norway and LNG supply cushioning the market even as temperatures are expected to turn colder in parts of Europe. ^[2]

Below is a detailed roundup of the key news, forecasts, and market analysis shaping natural gas on 23.12.2025—and the catalysts traders are watching next.

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U.S. natural gas: a volatile rally fueled by LNG demand and shifting weather signals

Morning move: futures rise on record LNG feedgas and higher near-term demand estimates

Early Tuesday, U.S. natural gas futures pushed higher as flows to LNG export plants hit fresh highs and forecasters upgraded the next two weeks’ demand outlook.

Reuters reporting cited record-level feedgas flows and an improved demand projection from LSEG. In morning trade, the January NYMEX contract was up around 4% and trading near $4.105/mmBtu, supported by expectations that gas demand (including exports) could rise from roughly 127.9 bcfd this week to about 136.0 bcfd over the next two weeks. ^[3]

That demand uplift matters because the U.S. gas market is increasingly balanced at the margin by export pull, not just domestic heating loads.

Later momentum: the rally accelerates as LNG sets a floor and “cold risk” returns

Later in the session, market commentary pointed to a classic year-end dynamic: thinner liquidity, more stop-driven moves, and fast-changing weather runs.

A separate market analysis described a late-day surge, with January futures trading around $4.370/mmBtu and up more than 10% at one point, as record LNG demand collided with colder revisions in parts of the U.S. outlook. ^[4]

While forecasts still include warmer-than-normal periods (a bearish signal for heating demand), traders are increasingly sensitive to any model shift that reintroduces cold into the highly populated U.S. East—because that’s where residential and commercial demand can spike quickly.

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Record LNG feedgas is the headline driver—and it’s not just “strong,” it’s structural

The most important U.S. gas storyline on December 23 is simple: LNG export demand remains near full throttle.

Reuters-linked reporting said LNG feedgas was on track to reach about 18.6 bcfd on Tuesday (a record area), supported by higher intake at major facilities including Cameron, Freeport, and Calcasieu Pass. ^[5]

This isn’t a short-term quirk. The EIA’s most recent weekly market update highlighted just how large U.S. LNG logistics have become, noting that 33 LNG vessels departed U.S. ports in a single week (Dec. 11–17) with a combined carrying capacity of 126 Bcf. ^[6]

Why it matters for price: When LNG feedgas stays elevated, it reduces the market’s ability to “relax” even during mild weather breaks—because export terminals keep pulling molecules regardless of whether Chicago or New York is having a warm spell.

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Production is also at (or near) record highs—keeping the rally on a tight leash

Even as prices spiked Tuesday, the supply side continues to impose a ceiling on sustained upside.

Reuters-cited figures put Lower 48 output around 111.1 bcfd in December—an all-time high area—illustrating that U.S. producers and infrastructure are still delivering large volumes into the system. ^[7]

That supply strength is showing up in storage resilience as well:

• The EIA reported working gas in storage at 3,579 Bcf (week ending Dec. 12), after net withdrawals of 167 Bcf. Inventories were slightly above the five-year average and slightly below last year at that point. ^[8]

This combination—very strong exports and very strong production—is why the market can rally sharply on weather risk, but also why those rallies can struggle to hold if the cold fails to materialize.

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Europe: TTF slips below €28/MWh as Norway and LNG offset cold-weather demand risk

European gas prices stayed relatively contained on December 23, even as the market monitored colder conditions.

A Reuters-sourced European market report showed:

• Dutch TTF front-month down to about €27.95/MWh (around $9.61/mmBtu) by mid-morning,
• UK day-ahead slightly lower,
• trading described as narrow-range and thin ahead of the Christmas holiday. ^[9]

Europe’s storage: still comfortable, but trending lower into winter

The same report pegged EU storage at 67.24% full, a key benchmark because Europe’s winter price sensitivity rises sharply when inventories fall. ^[10]

An Engie market note cited in the report suggested fundamentals were currently bearish, but warned that risk factors—particularly on the U.S. supply side—could still flip sentiment if prices keep falling. ^[11]

And with Europe entering winter with lower storage than recent years, an S&P Global LNG analyst quoted in the report said buyers may be compelled to increase LNG procurement in January and February. ^[12]

Norway supply: a key stabilizer for Europe

Norway remains Europe’s largest natural gas supplier, and on December 23 Reuters reported that Norwegian oil and gas output in November beat official forecasts, with gas output slightly down year-on-year but above forecast. ^[13]

Steady Norwegian flows—plus LNG arrivals—help explain why TTF can remain subdued even with winter weather risk in the background.

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Middle East supply shock: Iraq says Iranian gas supplies halted

One of the most consequential geopolitical gas headlines on December 23 came from Iraq.

Reuters reported that Iraq’s electricity ministry said gas supplies from Iran have been halted, and the disruption knocked an estimated 4,000–4,500 megawatts out of Iraq’s power system. ^[14]

While this is primarily a regional power-generation story (and not a direct “global price setter” like U.S. LNG or TTF), it underscores how quickly gas-linked power systems can become fragile when pipeline supplies are interrupted—especially in peak-demand periods.

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Global LNG demand: Myanmar’s return adds a new (small but notable) source of import demand

In Asia, Reuters reported Myanmar is expected to resume LNG imports next year after receiving a partial cargo last month—ending a more than four-year hiatus. ^[15]

Key details from the report:

• Myanmar is projected to import about 0.4 million tons of LNG in 2026, according to Kpler,
• tied to restarted or upgraded LNG-to-power projects totaling around 500 MW. ^[16]

In pure volume terms, Myanmar is not big enough to move global LNG pricing alone—but it’s another sign that LNG-to-power can re-emerge quickly when domestic gas declines or power shortages bite.

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Policy and industry signals: rigs, regulation, and power-market shifts

U.S. drilling: rig counts edge up, but the bigger signal is the longer-term price incentive

Reuters reported that U.S. drillers added rigs for the first time in three weeks, with the total rig count rising to 545, while gas rigs held at 127. ^[17]

The same report highlighted that the EIA expects natural gas production to grow, helped by a sharp rebound in spot prices during 2025—an incentive that can translate into more drilling activity if producers believe higher prices will stick. ^[18]

Australia: new gas reservation scheme targets domestic supply from 2027

In another major policy development dated December 23, reporting in Australia said the government’s new gas reservation scheme will require LNG exporters from 2027 to reserve 15–25% of output for domestic use (roughly 200–350 petajoules annually), with analysts flagging uneven impacts across exporters. ^[19]

This is a longer-dated policy lever, but markets pay attention because restrictions on export flexibility can reshape contract behavior, upstream investment decisions, and eventually regional LNG availability.

Offshore wind pause: potential knock-on effect for U.S. gas-fired power

Reuters-linked reporting also noted that the Trump administration suspended leases for several large offshore wind projects under construction off the U.S. East Coast—an action that could increase reliance on gas-fired generation if renewable build-out slows. ^[20]

For natural gas, the key takeaway is not “one project,” but the direction of travel: power-sector demand can shift materially if policy changes alter the generation mix.

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Forecast and outlook: what traders are watching next

Here are the market indicators most likely to set direction after the December 23 move:

1) Weather models and “late-January cold risk”

• The near-term forecast still includes warmer-than-normal stretches, but traders are reacting to any incremental shift colder in major demand centers—especially the U.S. East. ^[21]

2) LNG feedgas: can flows stay near 18.6 bcfd?

• With LNG feedgas at record levels, even small disruptions (maintenance, commissioning changes, pipeline constraints) can move price expectations quickly. ^[22]

3) Storage trajectory

• U.S. storage remains close to the historical norm (EIA: 3,579 Bcf as of Dec. 12), which keeps the market sensitive to whether upcoming withdrawals land above or below seasonal averages. ^[23]

4) Europe’s storage drawdown pace

• European storage around 67% is not “alarm level,” but the speed of winter drawdowns—combined with Norway flows—will shape TTF volatility into January and February. ^[24]

5) 2026 LNG supply wave and pricing pressure

Looking beyond the immediate weather/LNG headlines, longer-horizon analysis still points to a potential loosening of global LNG balances in 2026 as new supply ramps—an anchor that can temper longer-dated price expectations even when near-term volatility spikes. ^[25]

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Bottom line

Natural gas on 23.12.2025 was a textbook example of a market being pulled in opposite directions:

• Bullish: record LNG feedgas and periodic cold-weather risk
• Bearish: record U.S. production and storage still near normal
• Europe: capped by steady Norway/LNG supply despite winter demand
• Geopolitics: localized disruptions (Iraq/Iran) reinforcing energy security concerns without immediately repricing global benchmarks

For now, the market’s center of gravity remains LNG: as long as U.S. export pull stays near record levels, even mild weather can have a harder time pushing prices down for long—but with production this strong, sustaining rallies still requires the weather to cooperate. ^[26]

References

1. jp.reuters.com, 2. www.hellenicshippingnews.com, 3. www.bairdmaritime.com, 4. www.fxempire.com, 5. www.bairdmaritime.com, 6. www.eia.gov, 7. www.bairdmaritime.com, 8. www.eia.gov, 9. www.hellenicshippingnews.com, 10. www.hellenicshippingnews.com, 11. www.hellenicshippingnews.com, 12. www.hellenicshippingnews.com, 13. www.reuters.com, 14. www.reuters.com, 15. www.reuters.com, 16. www.reuters.com, 17. www.reuters.com, 18. www.reuters.com, 19. www.theaustralian.com.au, 20. www.bairdmaritime.com, 21. www.bairdmaritime.com, 22. www.bairdmaritime.com, 23. www.eia.gov, 24. www.hellenicshippingnews.com, 25. www.reuters.com, 26. www.bairdmaritime.com

Silver is ending December 23, 2025 with a bang. The white metal has pushed through the long-watched $70-per-ounce threshold for the first time and extended the rally into fresh record territory above $71, powered by a potent mix of industrial demand, investment buying, tighter inventories, a softer U.S. dollar, and rate-cut expectations. ^[1]

Around the late New York session—closest available spot snapshots ahead of this 5:03 PM ET update—major pricing feeds showed spot silver near $71.4–$71.5/oz, up more than 3% on the day, after trading a wide intraday range. ^[2]

Silver price today: the latest spot levels and today’s trading range

In the latest visible spot snapshots on Tuesday:

• Investing.com showed XAG/USD at about $71.5025, up +3.53%, with a day’s range of $68.8445–$71.5815. ^[3]
• Kitco listed spot silver around $71.42 bid / $71.54 ask, up +3.53%, with an intraday low near $68.79 and high near $71.63. ^[4]

Those late-session levels followed a dramatic intraday progression that traders will remember: silver was already printing records in early trade, then breached $70, and later accelerated to new highs as the day unfolded. ^[5]

What happened on Dec 23: silver crosses $70 and rewrites the record book

Silver’s surge wasn’t a single spike—it was a day-long storyline:

• Early headline move: Reuters reported spot silver hitting a fresh record around $69.59/oz early Tuesday. ^[6]
• The psychological break: By mid-day in Europe, Reuters said silver had scaled $70, trading around $70.06 after hitting about $70.18—a major “round number” breakout that tends to draw momentum flows. ^[7]
• Late-day extension: In the U.S. session, Reuters later reported silver around $71.22, after touching a new record near $71.49. ^[8]

In other words, the market didn’t just test $70—it cleared it, then built above it, which is often what separates a “headline pop” from a more durable trend.

Why silver is rallying: the big drivers behind today’s move

Tuesday’s rally is being explained by a rare alignment of bullish inputs—some structural, some macro, and some driven by year-end positioning.

1) Supply deficit meets rising industrial demand

Reuters quoted metals strategist Peter Grant (Zaner Metals) pointing to a market that has been in deficit for five years, with increasing industrial demand adding to the bid. ^[9]

That matters because silver is not only a precious metal—it’s also a critical industrial input used across electronics and energy-related applications. When investors decide they want “hard-asset protection” at the same time industry needs supply, the squeeze can become self-reinforcing.

2) Investment demand and tightening inventories

Reuters also highlighted strong industrial and investment demand alongside tightening inventories as key supports. ^[10]

This is the kind of backdrop that can turn dips into quick rebounds: if the market believes available supply is shrinking, sellers become more cautious, and buyers become more aggressive on pullbacks.

3) Rate-cut expectations and a weaker U.S. dollar

Precious metals often respond to shifts in real yields and the U.S. dollar. Reuters noted that expectations of further U.S. rate cuts were helping propel the complex, and that a weaker dollar makes dollar-priced metals more attractive for overseas buyers. ^[11]

4) Geopolitical tensions add a “safe-haven” layer

Silver doesn’t always trade like pure “risk-off” gold—but in big macro moments, it can pick up a safety bid too. Reuters linked today’s move to simmering geopolitical tensions and highlighted fresh U.S.–Venezuela friction as part of the broader risk backdrop feeding safe-haven demand. ^[12]

Silver price forecast: what analysts are saying now

With silver printing record highs, the conversation has quickly shifted from “can it break $70?” to “how far can this run—and how violent could the pullbacks be?”

The $75 target enters the mainstream

Reuters reported that silver’s next target is $75/oz, according to Peter Grant—while cautioning that year-end profit-taking could trigger a pullback. ^[13]

That “$75” level is now emerging as a widely repeated upside reference point because it sits above today’s breakout zone and gives the rally a clear, simple target for momentum traders.

Overbought signals are flashing—but dips may be bought

FXStreet’s technical view on Dec 23 acknowledged that silver remains in a strong uptrend, but flagged overbought RSI conditions as a reason bulls may pause before adding fresh risk. Importantly, FXStreet added that any meaningful corrective drop could still be seen as a buying opportunity, with downside potentially limited. ^[14]

Holiday liquidity and profit-taking risk is real

FXEmpire struck a more cautious near-term tone, noting silver hit a record around $70.68 before pulling back on profit-taking into the holiday period. FXEmpire also tied some pressure to strong U.S. GDP data (4.3%) and rising Treasury yields, which can reduce appetite for non-yielding metals if markets rethink how quickly the Fed will cut. ^[15]

Taken together, the day’s forecasts paint a fairly classic late-year setup:

• Trend is up and momentum is strong
• But liquidity is thinner
• So pullbacks can be sharp—even inside a bull move

Key silver levels to watch after the $70 breakout

Even for readers who don’t trade, a few technical “zones” matter because they often influence headlines, investor psychology, and the pace of moves:

• $70.00: The psychological breakout level now flipped into a major reference point. Reuters explicitly framed today as silver hitting $70 “for the first time.” ^[16]
• $71.49–$71.63 area: Today’s record-zone, with Reuters noting a peak near $71.49 and major spot feeds showing session highs in the low $71.6s. ^[17]
• $75.00: The next “headline target,” now being cited by analysts. ^[18]

If silver remains above $70 on follow-through days, the narrative stays “breakout and hold.” If it slips back below, the narrative can quickly turn into “failed breakout,” even if the bigger trend remains bullish.

The bigger picture: silver’s 2025 surge and what it could mean for 2026

Reuters noted silver is up dramatically year-to-date—147% in 2025 in its late-day report—underscoring just how powerful this move has been. ^[19]

That scale of annual gain is why forecasts have become more polarized:

• Bulls see structural tightness (deficits + industrial pull) and believe silver can keep climbing as macro conditions ease. ^[20]
• Skeptics point to crowded positioning and the tendency for silver to experience fast corrections, especially when macro data pushes yields higher or when year-end positioning flips. ^[21]

What to watch next: the catalysts that could move silver after today

With Christmas-week liquidity in play, a handful of inputs could have an outsized impact on silver pricing in the next sessions:

• U.S. dollar direction (a weaker dollar has been supportive). ^[22]
• Treasury yields and rate-cut expectations (especially if data surprises shift the Fed path). ^[23]
• Geopolitical headlines that feed safe-haven flows. ^[24]
• Whether silver holds above $70 after the first breakout day. ^[25]

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Bottom line (Dec 23, 2025): Silver’s breakout above $70 has turned into a full-throttle record run above $71, with analysts now openly discussing $75—but multiple research notes warn that thin holiday trading and profit-taking could still produce sudden pullbacks even inside a bullish trend. ^[26]

References

1. www.reuters.com, 2. www.kitco.com, 3. www.investing.com, 4. www.kitco.com, 5. www.reuters.com, 6. www.reuters.com, 7. www.reuters.com, 8. www.reuters.com, 9. www.reuters.com, 10. www.reuters.com, 11. www.reuters.com, 12. www.reuters.com, 13. www.reuters.com, 14. www.fxstreet.com, 15. www.fxempire.com, 16. www.reuters.com, 17. www.reuters.com, 18. www.reuters.com, 19. www.reuters.com, 20. www.reuters.com, 21. www.fxempire.com, 22. www.reuters.com, 23. www.fxempire.com, 24. www.reuters.com, 25. www.reuters.com, 26. www.reuters.com

Approaching Key Resistance

Today’s bull breakout further confirms strength of the counter-trend rally. It looks poised to test resistance near the 50-day average, now at $59.13. Until proven otherwise, some degree of resistance can be anticipated. Since the area near the 50-day average reversed the bull reversal from the October swing low, it was confirmed several times as a dynamic resistance area, most recently the December lower swing high at $60.56.

Since the average identifies an area of possible resistance, the 12-day high at $59.22 can be included in the price zone as well, along with a 78.6% Fibonacci retracement level at $59.37. Together, these indicators show a price zone from around $59.13 to $59.37 where the current bounce could stop and reverse – or breakthrough.

Reversal Confirmation Levels

A sustained recapture of the $60.56 lower swing high from early December would be needed to show a reversal of the trend on the daily chart. However, a one-week bullish reversal triggered this week from a bullish hammer candle pattern. The weekly breakout will confirm if this week ends above last week’s high of $57.82. Nevertheless, the reversal of the lower swing high is needed to satisfy the internal downtrend that began from the June spike high at $78.44.

Broader Downtrend Context

The series of lower swing highs from that peak suggests at least another pullback from resistance near the top of the short-term decline bounded by a dashed falling trendline. Despite recent signs of strength, demand will need to remain strong enough to advance further and then break out through a resistance zone and remain in a bullish technical position. That would be difficult without another dip, even if to generate a higher swing low rather than another test of this month’s lows.

Outlook

Crude oil’s counter-trend rally has gained traction with the 20-day reclaim and weekly reversal signal, but the $59.13–$59.37 confluence looms as the decisive test. Clearance and hold above the 50-day average shifts the daily structure to short-term bullish; rejection there favors another leg lower within the larger downtrend from June.

For a look at all of today’s economic events, check out our economic calendar.

Natural gas markets are ending the year in classic winter fashion: price swings driven less by what’s happening today than by what weather models might show next week.

On Tuesday, December 23, U.S. Henry Hub futures rebounded from recent weakness as record LNG export demand and a higher near-term consumption outlook helped offset a major bearish force—forecasts calling for warmer-than-normal temperatures into early January. ^[1]

Across the Atlantic, European benchmark prices moved the other direction. Dutch and British gas contracts slipped as traders digested weather forecasts pointing to a quicker end to a cold spell and weighed still-stable supply and LNG availability into January. ^[2]

Below is a complete, publication-ready rundown of the key news, forecasts, and market drivers shaping natural gas today.

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Natural gas price check: Henry Hub rises above $4 while Europe drifts lower

U.S. (Henry Hub / NYMEX front month)

• In early New York trading, the front-month contract traded around $4.10/MMBtu (+~3%), according to WSJ market data. ^[3]
• Reuters reporting cited the NYMEX January contract up about 4% to $4.105/MMBtu by 8:59 a.m. ET. ^[4]
• Later in the session, Markets Insider showed Henry Hub around $4.14/MMBtu, with an intraday range roughly $3.94–$4.17. ^[5]
• FT market data later showed Henry Hub around $4.31/MMBtu (data delayed at least 15 minutes) by 18:30 GMT. ^[6]

Europe (TTF / U.K. front month)

• Dutch TTF front-month gas was €27.36/MWh (down €0.41) by 10:05 GMT, while U.K. front-month gas was 72.00 pence/therm (down 1.55 pence), according to LSEG data cited by Reuters. ^[7]

Asia (JKM as a global LNG marker)

• JKM futures were trading around $9.63/MMBtu on Investing.com’s JKM futures page (useful as a reference point for Northeast Asia LNG pricing). ^[8]

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What’s driving U.S. natural gas today: LNG exports are doing the heavy lifting

1) LNG feedgas demand hits new records

The most important bullish headline in today’s U.S. market is straightforward: LNG export terminals are pulling record volumes of natural gas from the U.S. grid.

Reuters reporting cited:

• Average flows to the eight major U.S. LNG export plants at 18.5 Bcf/d so far in December, above November’s record. ^[9]
• Daily feedgas on Tuesday tracking about 18.6 Bcf/d, with higher intake at facilities including Cameron LNG (Louisiana), Freeport LNG (Texas), and Venture Global’s Calcasieu Pass (Louisiana). ^[10]

In other words, even when domestic weather turns less supportive, export pull is creating a floor under demand—and traders are reacting.

2) Demand forecasts jump for the next two weeks

Reuters also cited LSEG projections showing average demand across the Lower 48 (including exports) rising from about 127.9 Bcf/d this week to 136.0 Bcf/d over the next two weeks—an upward revision versus Monday’s outlook. ^[11]

That forecast shift matters because winter gas pricing is often determined at the margin: a few Bcf/d up or down can translate into sharp moves in futures when storage and weather risks are priced in.

3) But the weather headline remains bearish—at least for the next 10–14 days

Even with stronger LNG flows, the market is still fighting the same near-term problem: mild temperature outlooks reduce heating demand.

Reuters cited meteorologists calling for the U.S. to remain mostly warmer than normal through January 7, keeping heating-related consumption lower than typical for late December and early January. ^[12]

This push-pull—record exports vs. warm forecasts—is the core tension in natural gas today.

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Supply side: record production keeps the market from panicking

The other reason today’s rebound hasn’t turned into a runaway rally is supply.

Reuters cited LSEG estimates showing Lower 48 U.S. natural gas output at a record 111.1 Bcf/d in December, beating November’s record pace. ^[13]

High production changes the psychology of winter trading:

• Cold risk still matters, but the market has more confidence that supply can respond
• Price spikes tend to fade faster unless weather is persistently extreme or infrastructure is disrupted

This is one reason the market can rally on demand revisions and export strength while still staying vulnerable to any fresh wave of “warmth-added” model runs.

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A new power-market angle: offshore wind pause could keep gas more central to electricity supply

One underappreciated catalyst in today’s Reuters reporting: U.S. policy news that could affect power generation.

Reuters cited that the Trump administration suspended leases for five large offshore wind projects under construction off the U.S. East Coast, citing national security concerns. The report added that reduced renewable generation expectations could mean greater reliance on natural gas-fired electricity. ^[14]

This is not an immediate “tomorrow morning” demand shock, but it’s a meaningful narrative tailwind for natural gas: when reliability concerns rise, gas often regains strategic importance in grid planning.

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Europe: prices ease as forecasts soften, but storage remains the big storyline

European gas pricing today is being pulled by weather expectations and the pace of winter storage drawdowns.

Reuters reporting (via LSEG data) showed:

• Dutch TTF front-month down to €27.36/MWh by 10:05 GMT on forecasts suggesting a potentially quicker end to a cold spell. ^[15]
• LSEG analyst commentary indicating ensemble forecasts shifted toward more normal levels for the first week of January, though uncertainty remains because other models still suggest colder conditions. ^[16]

On the fundamentals, Europe is not flashing the panic signals seen in past winters:

• Norwegian pipeline deliveries were cited around 343.5 million cubic meters/day, slightly higher day-on-day. ^[17]
• EU storage sites were cited at 66.89% filled. ^[18]
• LNG supply was described as likely “still a lot available in January,” even if holiday timing briefly reduces arrivals. ^[19]

Bottom line: Europe’s market tone today looks more like managed winter balancing than crisis bidding—and that helps cap global LNG spillover into U.S. pricing.

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LNG market watch: Myanmar returns and Australia signals tighter domestic priorities

Two LNG trade developments worth watching beyond day-to-day futures moves:

Myanmar: a returning LNG buyer

Reuters cited Kpler expectations that Myanmar will resume LNG imports next year, after a more than four-year hiatus (following partial cargo delivery last month). ^[20]

Myanmar won’t move global prices alone, but it’s a reminder that LNG demand growth increasingly comes from smaller, price-sensitive buyers—which can matter in tight winters and shoulder seasons.

Australia: a gas reservation policy that could reshape east-coast LNG

Australia’s government has announced a new gas reservation approach beginning in 2027 that would require LNG exporters to set aside 15–25% of production for domestic use—designed to prevent shortages and reduce local price pressure. ^[21]

RBC analysis reported by The Australian described Santos-led GLNG as particularly exposed due to its supply profile and reliance on third-party gas versus peers. ^[22]

This is not an immediate December 2025 price mover—but in LNG, policy direction becomes today’s forward curve, influencing investment, contracting behavior, and long-term supply expectations.

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Natural gas outlook: what traders are watching next

With Christmas week liquidity and weather volatility, the next several sessions are likely to hinge on three catalysts:

1. Weather model convergence
   • If late-January cold risk strengthens across major models, today’s bounce could extend.
   • If warmth persists or expands, rallies may fade quickly. ^[23]
2. LNG feedgas continuity
   • The market is leaning on near-record feedgas flows; any sustained drop (maintenance, freeze-offs, pipeline constraints) would show up fast in price. ^[24]
3. Europe’s storage and temperature trajectory
   • A renewed cold push or supply disruption can tighten the Atlantic LNG market, supporting U.S. exports and Henry Hub sentiment.
   • A mild Europe reduces urgency, keeping more LNG flexible and pressuring global benchmarks. ^[25]

References

1. www.bairdmaritime.com, 2. www.worldenergynews.com, 3. www.wsj.com, 4. www.bairdmaritime.com, 5. markets.businessinsider.com, 6. markets.ft.com, 7. www.worldenergynews.com, 8. www.investing.com, 9. www.bairdmaritime.com, 10. www.bairdmaritime.com, 11. www.bairdmaritime.com, 12. www.bairdmaritime.com, 13. www.bairdmaritime.com, 14. www.bairdmaritime.com, 15. www.worldenergynews.com, 16. www.worldenergynews.com, 17. www.worldenergynews.com, 18. www.worldenergynews.com, 19. www.worldenergynews.com, 20. www.bairdmaritime.com, 21. www.theaustralian.com.au, 22. www.theaustralian.com.au, 23. www.bairdmaritime.com, 24. www.bairdmaritime.com, 25. www.worldenergynews.com