OIES – Quarterly Gas Market Review: Calm Before the Storm, Jan 2026
This report reviews the European gas market conditions in late 2025 and early 2026.
It highlights a continued downtrend in gas prices in Europe during Q4 2025, with temporary price increases due to cold weather and low renewables availability. The report notes declining European gas storage levels and the need for faster stock rebuilding from April 2026. Forward pricing shows seasonal patterns and little concern about gas availability, supported by new LNG projects. Geopolitical tensions involving the US, Venezuela, Iran, and Greenland increase risks, potentially impacting LNG supply from Qatar. The shift from Russian pipeline gas to US LNG imports in Europe is emphasized, alongside the temporary loss-making economics of US LNG exports in December 2025.
