Annual Review of EU’s Gas Market in 2025 and the Outlook for 2026

Summary

The episode reviews the EU gas market in 2025, noting a modest 1.2% demand rebound after two years of decline and a sharp increase in LNG imports that offset a 15 bcm loss of Russian pipeline gas following the end of the Ukraine transit agreement. The United States emerged as the dominant LNG supplier, capturing a record 56.2% of EU imports, which helped push gas prices lower than in 2024 despite sluggish economic growth. The discussion then turns to the 2026 outlook, examining how these supply shifts and price dynamics may evolve, and highlights related reports on global LNG and Russian gas trends.