Energy Market Update 24/02/2026

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:

📉 European natural gas futures fall in early trading as signs of improving supply offset earlier support from Middle East tensions.

⚖️ Trade policy uncertainty has returned to the forefront after the Supreme Court of the United States struck down key elements of tariffs imposed by Donald Trump, forcing the administration to consider alternative legal routes and a proposed temporary 15% global levy.

📈 Europe is on track to break its previous record for monthly LNG imports in February, with Kpler forecasting a total of 14.20 million tons amid fast-depleting gas inventories. This amount would be an increase on the 13.67 million tons imported in January. The February 2026 total would also represent a 22% increase on the year.

🛢️ Europe’s underground gas storages are reaching record lows. This increases fears of a shortage down the line and will likely increase buying competition during the summer.

🕊️ Peace talks between Russia and Ukraine ended after being declared “difficult.” On Wednesday, the second day of peace talks between Russia and Ukraine, taking place in Geneva, concluded after only two hours. Volodymyr Zelenskyy described the discussions as “difficult” and accused Russia of deliberately hampering progress.

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