European gas markets face tight Q1, strong Asian competition and rising carbon influence in 2026

Natural gas pipeline infrastructure in winter conditions, symbolising supply risks and market dynamics affecting European gas markets.

European gas markets in 2026 will be shaped by slower-than-expected LNG supply growth, record European LNG imports, and continued competition with Asia for cargoes. Despite a 34 mtpa rise in global LNG production, Europe must keep gas prices close to Asia to secure the LNG needed for storage injections and winter demand. Gas demand recovery remains weak, and gas-to-power burn […]

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