Europe is in for a challenging first summer without Russian gas transiting Ukraine. The continent needs far higher imports than in the previous two summers to fill its underground gas stores, which started April at their lowest since 2022. This means that Europe must attract flexible LNG cargoes, for which it may face stiff competition if northeast Asia has a hot summer. Not to mention, there is barely any market-based incentive to fill storage this summer, meaning that governments may have to intervene at some point to make sure that storage fills adequately to get through winter 2025-26.
The following whitepaper provides Argus' view on the key questions for this summer, such as:
- How much will Europe have in storage by the start of winter, and will state intervention be needed to get there?
- How will industrial demand shape up in a weak macroeconomic environment, and how far will the renewables buildout weigh on power-sector gas use this summer?
- Will competition between Asia and Europe for flexible LNG cargoes be fierce?
- What is Norway's maximum production potential this summer?
- To what extent will Ukraine's strong restocking demand alter the European balance?
Download the insight paper
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About Argus Media
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 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 first hand from the market.
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