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- Natural Gas Update November 25,2025
November 25, 2025
Overview
Natural Gas-- January NG is down 23.1 cents at $4.441
NG futures are lower as the market has taken profit after the recent runup and the market reassesses the amount of gas in storage heading deeper into winter.
Celsius Energy detailed yesterday how the storage level will rise to the highest level this year versus the 5 year average. They add that the gas inventories will rise back to a surplus versus last year's level. As per Celsius :"The gas surplus versus the 5 year average rose to +200 BCF for the first time since September and is set to rise to a 2025 high in the next 48 hours." They add the following opinion regarding NG prices as a result of the storage level: " Despite nearly equal storage levels, current prices are +44% higher compared to last year. This is one of the reasons why I continue to argue natural gas prices are overvalued near-term despite the otherwise favorable temperature outlook."
As would be expected, the headline of a peace deal in Ukraine drove the TTF European gas contact to a fresh low for recent trading. Today's low of Euro 28.975 has tested support at Euro 29.15-29.20. Below this support lies at Euro 27.900. The contract has again tested the DC chart's lower bollinger band, which lies at Euro 29.71. We wish to ask if a weakening TTF market will cause some drop in US LNG feed gas demand, given that so much of US LNG exports are now heading to Europe to make up for their loss of Russian supply in recent years.
Natural Gas open interest on the CME fell by 17,941 as December goes to expiration, while January saw reduced open interest due to profit taking.
Today is the last trading day for the December NG futures.
The fallback in NG prices over the past 24 hours has underscored the narrative of a range bound commodity for now. Support for the January futures lies at 4.424-4.433, which has almost been tested with a low of 4.436. Below this support lies then at 4.343-4.353. Resistance comes in at 4.624-4.629 and then at the overnight high at 4.678-4.681.
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Disclaimer
This article and its contents are provided for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any commodity, futures contract, option contract, or other transaction. Although any statements of fact have been obtained from and are based on sources that the Firm believes to be reliable, we do not guarantee their accuracy, and any such information may be incomplete or condensed.
Commodity trading involves risks, and you should fully understand those risks prior to trading. Liquidity Energy LLC and its affiliates assume no liability for the use of any information contained herein. Neither the information nor any opinion expressed shall be construed as an offer to buy or sell any futures or options on futures contracts. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to its accuracy. Any opinions expressed herein are subject to change without notice, are that of the individual, and not necessarily the opinion of Liquidity Energy LLC
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