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Europe’s Largest Natural Gas Users See LNG Keeping Market Dominance Over Russian Supplies

Natural Gas Intelligence · last updated

As reports of a ceasefire in Ukraine cool global natural gas prices, Europe’s largest chemical manufacturers are largely betting on LNG – not Russian gas – to continue governing the market.

Bar chart showing European Union LNG imports by country of origin.

The Dutch Title Transfer Facility (TTF) has been on a seesaw since mid-winter, with the European Union’s (EU) storage levels dragging prices up and geopolitical news creating volatility. Reports that the Trump administration could be brokering an end to the war in Ukraine have helped fuel speculation that Russian gas supplies could return to the continent, lowering prices and perceived supply risks.

However, BASF SE CFO Dirk Elvermann said the world’s largest chemicals producer is not expecting a return of Russian pipeline gas to Europe. It is instead continuing to invest in diversifying its gas supply.

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