Last winter showed instability of the world market of natural gas. Frosts and blizzards practically at the same time covered North America and Eurasia. The demand for electricity and especially heat increased dramatically.

At the same time many wind-driven generators became covered with ice and almost did not function, and solar panels were covered in snow. Gas became rescue that led to increase in prices for it and devastation of underground storages. Now, the storage facilities will have to be replenished, which guarantees a stable demand for gas during the warm season. It will be particularly difficult to fill the storage facilities due to the termination of liquefied natural gas supplies from Qatar and the significant increase in gas prices.

Kpler analysts predict that due to the increased need to replenish gas reserves in storage facilities, the EU will import about 173 billion cubic meters of LNG in 2026, which is 22% more than in 2025.

Experts of the International Power Agency (IPA) consider that growth rates of gas generation in the world in 2026-2030 will accelerate up to 2.6% annually against the background of increase in demand for the electric power in the USA and in the Middle East. «In addition to renewable energy sources and nuclear power, electricity generation on gas will grow on average for 2.6% a year till 2030 — similar to growth rates in 2019 and much quicker than the average annual indicator in 1.4% observed for the last five years», it is noted in the report of IPA. Such a growth is caused mainly by the growing demand for the electric power in the USA and transition from oil to gas in the Middle East, especially in Saudi Arabia, explained IPA.

In January the European Union officially approved the bill of refusal of import of the Russian gas to the EU. The total ban for import of LNG will come into force at the beginning of 2027, for import of pipeline gas – since fall of 2027. To obtain permission to import gas into the EU, you will need to go through a country of origin verification process. Non-compliance with new rules can cause the maximum penalties of 2.5 million Euros for individuals and 40 million Euros for legal entities, or 3.5% of the total annual turnover of the company around the world or 300% of an estimated turnover of transactions. At the same time in case situation with safety of deliveries seriously threatens one or several EU countries, the European Commission «can suspend the ban on import for a period of up to four weeks».

Hungary and Slovakia voted against adoption of law. The Minister of Foreign Affairs and External Trade of Hungary Peter Szijjártó pointed that in fact the sanctions measure was given for the decision within trade policy of the EU. It allowed to bypass threat of the veto from the discordant countries and to approve the bill by usual majority vote. Szijjártó also noted that, according to EU rules, decisions on the energy balance are within the national competence of EU countries. He emphasized that the adopted law goes «against our national interests and will significantly increase the cost of energy for Hungarian families.» Slovak Foreign Minister Juraj Blanar stated, «We cannot make a decision that does not reflect the real capabilities and specific circumstances of individual countries.»

Hungary filed a lawsuit the EU the claim against the ban on deliveries of energy carriers from Russia to the European Union, having demanded to cancel this decision. The resolution which came into force threatens energy security of Hungary and the state control over the prices of utilities for the population, the Minister of Foreign Affairs and External Trade of the country Peter Szijjarto noted. According to him, judicial proceedings will take from one and a half to two years.

The Forum of the Countries of Exporters of Gas (FCEG) reported that consumption of natural gas in the EU in January grew by 10% of yoy, having made 47 billion cubic meters. Increase in demand for gas in the sector of generation of the thermal and electric power became the reason. The share of RES (except for hydropower) in volume of power generation of the EU made 30%, follow them nuclear power (24%), gas (23%), hydropower (12%) and coal (11%). The global volume of trade of LNG continued growth and following the results of January reached record 43 million tons, that is 11% more than in January, 2025.

The Argus agency considers that in the countries of Central and Eastern Europe there can be difficulties with completion of reserves of gas during the summer period because of the limited bandwidth of pipelines. During downloading the country of Europe will enter with much lower than a year ago stock rate. It will lead to an overload of gas transmission capacities in the direction from the West on the East. The situation may be partially alleviated by new projects to expand regasification capacities in Greece and Croatia, which have increased the potential for gas imports.

The CEO of the German energy company RWE Markus Krebber said that his company plans to put in 2029 into operation the new gas power plants constructed within the plan of the government of Germany on creation of 10 GW of the new generating capacities on gas.

The regulator of the energy market of Turkey reported that in 2025 the country imported 57.953 billion cubic meters of gas. It is 12% more than in 2024. Deliveries of Gazprom to Turkey for this period were reduced by 1% and made 21.16 billion cubic meters; Azerbaijan – increased by 4%, to 11.915 billion cubic meters, Iran – grew by 16%, up to 8.165 billion cubic meters. In 2025 Turkey imported 16.7 billion cubic meters of LNG, it is 38% more than yoy, consumption of gas in Turkey in 2025 increased by 7% of yoy, to 58.609 billion cubic meters. Due to a decrease in hydroelectric power generation, gas consumption in the electricity generation sector increased by 21% at the end of the year.

USA

The strong cold snap led to redirection of the gas intended for terminals on liquefaction on domestic market of the USA.

From January 16 to January 27 gas prices in the USA «for the month ahead» grew by Henry Hub more than twice and reached 245 dollars for 1 thousand CBM – a maximum since December, 2022. On January 28 the price of Henry Hub «for the month ahead» reached 263.3 dollars for 1 thousand CBM (growth by 7% in a day).

At the end of January of the USA because of arrival of the cold weather which caused freezing of gas and oil wells and high demand on energy, were forced to import gas even via terminals at the export LNG plants. In several regions of the country spot gas prices flew up to record maxima as demand for fuel approached record level while production fell to a two-year minimum because of freezing of oil and gas wells, gas futures jumped 124%, reaching a three-year high.
Gas production in the USA in January in relation to December was reduced by 3% or by 113.3 million cubic meters/days, because of freezing of wells and other consequences of the Arctic cyclone.

LNG exports from the United States decreased by 1.7% month-on-month in January, reaching 11.3 million tons. The main reason was the forced shutdown of LNG production at some plants due to increased demand in the domestic market during the Arctic cyclone.

The volume of capacities of gas power plants under construction in the USA increased more than twice yoy, and the quantity of the objects which are at a stage of preliminary construction grew more than five times since the beginning of 2025.

China, Korea, Vietnam and India

The Institute of Economy and Technologies of the Chinese National Oil Company (CNOC) submitted on February 3 «The report on development of the oil and gas industry in China and in the world in 2025″. The report notes that China’s gas industry is expected to slow down in the short term, but it will continue to grow in the long term. In 2025 the growth of gas production in China to level more than 260 billion cubic meters a year became noticeable achievement. Currently, more than 40% of production is accounted for by non-traditional gas sources, including 27 billion cubic meters of shale gas production in 2025 and 17 billion cubic meters of coal seam methane production. Further the main focus in development of production will be placed on development of sea fields and nonconventional types of gas. In 2026 demand for gas can increase by 20 billion cubic meters to 450–455 billion cubic meters, including natural gas production will increase by 3.4-3.8% and will make 272.8-273.8 billion cubic meters, and import of gas will increase by 5.1-7.4%, up to 185.4-189.4 billion cubic meters. During the 15th five-years period (2026-2030) demand for gas, as expected, will grow in China approximately for 5% a year and by 2030 will reach 550 billion cubic meters.

Supply of gas on the pipeline system of China in January for the first time exceeded 30 billion cubic meters, having increased by 14% of yoy. Five days in a row the daily volume of deliveries exceeded 1 billion cubic meters. Cold weather became the main reason for growth of deliveries.

In January, due to cold weather in South Korea, gas sales by Kogas Corporation increased by 14.5% y/y and 27.2% m/m, reaching 4.928 million tons. This is the largest monthly increase since February 2025. It is the most large monthly increase since February, 2025.

The Es-key Innovation Company entering into South Korean corporation Es-key group was included into consortium which will be engaged in implementation of the integrated project of construction of gas power plant and the LNG terminal for its supply in the area Kuinlap in the Province of Ngean in the north of Vietnam, besides the Korean Company entered into consortium local Petrovyetnam power and to Nas. They will build a 1.5 GW combined cycle gas-fired power plant and an LNG receiving terminal with a storage capacity of 250,000 cubic meters (about 3 million tons per year). The total cost of the project is estimated at USD 2.3 billion, and construction is scheduled to begin in 2027, with the facilities expected to be operational by 2030. SK Innovation also proposes to increase the capacity of the LNG terminal in the future, making it a hub for gas supply to other power plants and facilities in neighboring regions. The South Korean company plans to expand its LNG portfolio from the current 6 million tons per year to 10 million tons per year by 2030.

The ministry of oil and gas of India reported that in January the Indian companies increased import of LNG by 15.3% in comparison with an indicator of January, 2025, to 2.808 billion cubic meters. Own gas production in the country for this period made 2.912 billion cubic meters, it is 5% less than yoy. Consumption of gas in India in January increased by 4.1% of yoy and reached 5.684 billion cubic meters.

Japan and Republic of South Africa

The Ministry of Finance of Japan reported that in 2025 Japan reduced import of LNG by 1.4% yoy, to 64.997 million tons (89.56 billion cubic meters). It is the lowest indicator since 2009. Gas was delivered from 17 countries of the world, the main suppliers became Australia (35.57 billion cubic meters, +2.7% yoy, a share in import – 39.7%), Malaysia (13.24 billion cubic meters,-6.2%, 14.8%), Russia (7.99 billion cubic meters, +2%, 8.9%) and the USA (6.21 billion cubic meters,-28.9%, 6.9%). The average price of import in 2025 was 423 dollars/thousand CBM, having decreased in a year by 29 dollars/thousand CBM (for 6.4%).

Japan is the second largest importer of LNG in the world after China. The annual volume of import of gas during 2019-2022 steadily was about 75 million tons (100 billion cubic meters) and since 2023 decreased to about 65 million tons (90 billion cubic meters) and remains at this level. More than 55% of gas is consumed in the sphere of generation. The remained volumes are an industrial consumption and the housing-and-municipal sector. At the same time the share of natural gas in the sphere of generation gradually decreases: if earlier it made 40%, then about 30% in recent years. It results from growth of power production on atomic blocks and with use of RES.

The consortium led by the trading company Vitol plans to invest 3 billion dollars in construction of gas power plant in the South African port of Durban and the terminal for import of LNG which will ensure functioning of the station. The plant’s capacity is expected to be between 1 and 1.8 GW. The South African government has previously announced plans to build 16 GW of gas-fired power generation capacity by 2039.