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.