Europe gas 2021 in review: how the energy crisis started

In 2021, a series of developments shook up the gas market and led to record global gas prices. The eye of this global storm centred around European gas market fundamentals. In this report, we look at how the European gas crisis unfolded and what shaped TTF price formation in 2021. We explain how economic recovery as well as high coal and gas prices impacted gas demand. And at the same time, why gas supply and gas in storage remained limited. We look at the availability of global LNG into Europe, the varying performance of domestic gas production and piped gas as well as the key dynamics around Russian piped imports.