Winter European gas outlook 2025/26
We’ve just released our Winter European Gas Outlook for 2025/26, where we detail our fundamentals-driven market projections for gas balances this winter, and the implications for storage levels and prices. We’re projecting a modest recovery in European gas demand should temperatures return to their long-term averages, but overall consumption remains structurally lower due to the energy transition and behavioural shifts post-crisis. Despite this, Europe remains vulnerable to price risk this winter due to its growing reliance on LNG imports, and a cold winter could trigger temporary price surges to attract volumes from the growing portfolio of global LNG supply.
To understand more about our modelling of the European gas market this winter across a range of scenarios, please fill out the form below to receive a downloadable PDF.
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