Europe gas and LNG: 6 things to look for in 2023 Report

Insight 09 January 2023

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Report summary

Europe enters 2023 with less market uncertainty than in 2022, following the Russian invasion of Ukraine. Russian imports now represent only 7% of the total Europe gas supply versus 27% in 2021, with limited downside risk beyond the disruption of flows through Ukraine transit. Continued weakness in demand and sustained LNG imports should help Europe to start next winter with healthy storage levels. But there are still risks that Europe could face. Security of supply and affordability will continue to be at the top of policy and corporate decisions. And companies will need to shape their portfolio of gas and LNG contracts and regas capacity. In this insight, we analyse six key trends in 2023 that will shape the European gas and LNG markets.

1. New drivers for European gas demand weakening
2. European governments’ intervention in markets
3. Uncertainties will subdue new long-term LNG volumes contracts
- European buyers’ challenges for long-term LNG agreements will continue
4. Open seasons in 2023 will secure long-term regas capacity contracting
5. Norway`s focus on maintenance and increased momentum for European upstream
6. A reconnection trend for European gas price differentials