Global gas: Europe regional market report (July 2021)

As Europe continues its march to net zero and gas prices trade at record highs, our latest Europe gas outlook provides analysis how market fundamentals will evolve through to 2050. Prices will start to cool from next summer on the back of a Nord Stream 2 ramp-up. But tightness in the market will return quickly, with winter price volatility becoming a recurring feature of the market through to 2025. A second wave of LNG supply growth will offer some reprieve in the second half of the decade. Gas can play an important role in Europe's journey to net zero, but to secure a longer-term future, large-scale CCS must become a reality.