A transitional year for gas markets in Europe and beyond

As the third wave of global LNG arrives, Wood Mackenzie’s director for Europe gas and LNG, Tom Marzec-Manser, discusses with Petroleum Economist the outlook for Europe’s gas market in 2026

This year will be a transitional one for global gas markets, marking the shift from the tightness seen since 2021 to more ample supply, Wood Mackenzie’s director for Europe gas and LNG, Tom Marzec-Manser, told Petroleum Economist. For the first time in several years, supply growth will outpace demand growth, he said.  “We definitely see 2026 as a transitional year,” Marzec-Manser said. “We’re entering what we call the third LNG wave.”  That wave began last year but will gather momentum in 2026. Overwhelmingly, it consists of extra supply from the US and Qatar. Europe’s critical role in absorbing the new supply is already evident in import data.  “We don’t see a world in which Russian L