In this latest OIES podcast, brought to you by the Gas Programme, James Henderson talks to Jack Sharples and Mike Fulwood about the impact of the recent cold weather on gas markets and the outlook for the rest of 2026. We start with a review of prices over the past couple of months and a look at the key drivers behind the price spike in January. In considering how the surge in European demand was met we look at the key sources of supply, with a focus on the LNG market. This then leads to a discussion about the new sources of LNG supply that are set to become available over the next twelve months and what this might mean for the European gas market as it seeks to refill storage that has been heavily depleted over the past 3-4 months. We consider what the impact of Asian demand could be on the availability of supply to Europe, consider the main market risks over the next 12 months and conclude with some thoughts on the price outlook through the remainder of 2026 and into the first quarter of 2027.

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