The European gas market is going through profound changes, driven by policy decisions and a backdrop of challenging market fundamentals, including the recent fall in oil price. The on-going Russia-Ukraine crisis adds further uncertainty. How these changes play out will dictate how the European market - and ultimately prices - will evolve. Wood Mackenzie believes that a significant tipping point has been reached, whereby Russia is now incentivised to pursue market share in European gas markets. This is due to a combination of greater LNG supply availability to Europe, lower coal prices and a higher US gas price.