European Gas falls to 18-month low – ING

FXStreetNov 26, 2025 8:47 AM

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European Gas prices extended their decline to an 18-month low as peace talks and mild weather forecasts pressured the market and widened the JKM–TTF spread, raising the risk of slower LNG inflows, ING's commodity experts Ewa Manthey and Warren Patterson note.

Peace talks and mild weather weigh on TTF prices

"European Gas prices continued to sell off, with the Title Transfer Facility (TTF) settling 1.2% lower on the day, leaving the market at an 18-month low. Peace talks will put pressure on the market, while weather forecasts point to milder-than-usual conditions in early December."

"Weakness in the European market has widened the Japan-Korea-Marker-TTF spread. If this trend continues, we could see LNG flows into Europe start to slow."

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