Argus global LNG market view, winter 2025-26

Global gas markets have held relatively stable in recent months, with prices still in double-digit territory. This is despite a continued slowdown in demand from key import markets, particularly in Asia, as well as mounting pressure on the supply side from new liquefaction terminals rapidly ramping up operations. A weak outlook for downstream demand in several key markets increases downside risks for the coming winter, although lower European underground stocks are a cause of market uncertainty and potential volatility.

What is in store this winter? Argus' winter 2025-26 market view will address the following topics:

• What are the prospects of Chinese LNG demand rebounding this winter?
• How much additional LNG supply is poised to reach the market in the coming months?
• How is demand evolving in other key Asian markets — such as Japan, South Korea, India?
• To what extent are renewables, efficiency measures and behavioural changes continuing to affect European gas demand?
• How is the freight market reacting to the supply ramp-up, and is there scope for floating storage to provide additional flexibility?

This insight paper was created by Argus’ gas experts using data and analysis from the Argus LNG Daily service and Argus Global Gas Markets service.
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