Energy Market Update 06/01/2026

Welcome to our weekly energy market update, where we share the latest trends, shifts, and key developments impacting the energy sector. Whether it’s fluctuations in oil and gas prices, changes in renewable energy policies, or updates on energy infrastructure projects, we’re here to help you stay informed. Join us as we break down the most important factors influencing the market this week, and explore what these changes could mean for your business.

Current Market Drivers:

📉 A forecasted ramp-up in global LNG supply in 2026 is continuing to contribute to a bearish market view, as US exports broke record levels in 2025 and analysts suggest that US output could increase by a further 27 bcm this year.

🚢 Egypt and Qatar’s LNG cooperation, including up to 24 summer cargoes, strengthens Middle East supply flows, eases US spot market competition for European buyers, and reinforces bearish sentiment across near-term LNG markets.

🔥 Ukraine’s gas imports surged to a five-year high in 2025 after Russian attacks cut domestic output, reinforcing structural import dependence and supporting regional gas demand into 2026.

❄️ EU storage levels are currently 60% full, down 10% compared to last year’s levels, with persistent cold weather weighing on withdrawals, which could boost summer replenishment needs ahead of winter-26.

⚛️ Despite lifespan extensions to several UK nuclear reactors, a couple in question, Hartlepool 1 and 2, have been offline for 66% of 2025, suggesting concerns over output longevity.

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