2023 Europe Gas Year in Review

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European gas markets have rebalanced through 2023 despite the additional loss of xxx bcm of Russian piped gas last year versus 2022. Risks of demand curtailments faded, and gas prices fell from over US$ 20/mmbtu at the start of the year to US$ 10/mmbtu by the end of 2023. Nevertheless, the market remained reactive, and TTF prices were volatile due to events such as unplanned maintenance in Norway and threats of global LNG supply disruptions. We highlight major milestones and developments for the European gas industry in 2023 and dive into the following: • What were the main events influencing TTF prices? • How much volumes and who signed gas piped and LNG contracts? • What are the key factors that shaped Europe’s supply mix? • What drivers influenced each sector of gas demand?

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