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European gas demand rebounds above seasonal norms as Ukraine exports recover

Editor
February 10, 2026

European gas storage deficit deepens as winter withdrawals accelerate

Editor
February 10, 2026

TTF gas prices: between bulls and bears after a 15% sell-off

Editor
February 3, 2026

PREMIUM CONTENT

Chart showing TTF prices versus US export costs to Europe, illustrating how global LNG oversupply has compressed European gas prices since 2023

Europe and the coming global LNG oversupply

Europe is set to navigate a new phase of global LNG oversupply as a wave of new liquefaction projects reshapes prices, trade flows and contracting patterns. Global LNG markets are moving into a structurally oversupplied phase as a record build-out of liquefaction capacity collides with softer demand growth, with important implications for Europe. In 2025, European LNG imports reached a […]

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Aerial view of the Zeebrugge LNG terminal, an example of European LNG terminals being adapted for future energy uses

European LNG terminals and their evolving role in Europe’s decarbonisation strategy

European LNG terminals are becoming central to both Europe’s gas security and its energy transition. This report finds that while LNG has been critical in reducing reliance on Russian pipeline gas since 2022, the role of European LNG terminals must now evolve to align with EU climate policy. Rather than acting solely as regasification facilities, many terminals are being repurposed […]

Bar chart showing European LNG imports via regasification terminals, comparing capacity and send-out in Northern and Southern Europe in Q4 2024, Q3 2025 and Q4 2025

European LNG imports surge in Q4 amid tighter winter conditions

European LNG imports increased materially in Q4 2025, with regasification terminal utilisation rising across much of the continent. Average utilisation reached 53% in Northern Europe and 43% in Southern Europe, up on Q3 and well above Q4 2024 levels. The uplift was driven primarily by colder temperatures and lower gas storage levels at the start of winter, which boosted demand […]

Chart showing TTF gas, EUA CO₂, API 2 coal and Brent oil prices in early February 2026

European electricity prices weaken as gas and CO₂ fall

European electricity prices declined across most major markets at the start of February, even though average prices remained above €100/MWh in many countries. The sharpest falls were seen in the Iberian MIBEL market, which again decoupled from the rest of Europe, while Nordic and Italian prices fell more modestly. Lower gas and CO₂ prices, rising solar generation, and weaker electricity […]