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Market insight papers
Argus European gas market view - winter 2025-26
Learn about Argus' view on the key supply and demand fundamentals affecting the European gas market this winter by downloading this paper.
European gas market prices have been remarkably stable in recent months and lower than at this time last year. This is despite underground storage inventories at their lowest for the time of year since 2021, and increased west-to-east flows in eastern Europe's first year without Russian gas flowing through Ukraine. LNG supply in the Atlantic basin is growing strongly, and Europe has been the market of choice for US LNG exporters all year.
What is in store this winter? Argus' winter 2025-26 market view touches on the following topics:
- To what extent will lower underground stocks than in previous years drive winter price volatility in Europe?
- How much extra LNG supply will be available in the Atlantic basin?
- Will Ukraine need winter imports from the EU to safeguard security of supply?
- What will household gas demand look like under different weather scenarios?
- What is the potential for an uptick in gas use by industries and power plants?
This insight paper was created by Argus’ gas experts using data and analysis from the Argus European Natural Gas service and Argus Global Gas Markets service.
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As a leading authority on energy and commodity markets across the globe, Argus is uniquely positioned to provide in-depth analysis and expert thought leadership. Our white papers are carefully written by Argus specialists from across our company. Each white paper focuses on a topical theme, exploring areas such as supply and demand dynamics, price trends, trading activity, and changing regulations. We always aim to provide a balanced view, underpinned by data and insight gathered firsthand from the market.
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