Abundant US LNG drives lower prices and storage needs in Europe J P M O R G A N The How and Why of 31 EUR and 80% Global Markets Strategy 20 November 2025 European Natural Gas Outlook 2026/2027 The European natural gas market underwent a dramatic transformation in 2022, catalyzed by the Russia-Ukraine war and the resulting sharp decline in Russian pipeline supplies to the continent. Russian flows to Northwest Europe (NWE) fell to zero in September 2022 after explosions damaged the Nord Stream pipelines. Nev ...