The European gas market is projected to remain fragile into 2025, with tight supply and geopolitical uncertainties, including the end of Russian gas deliveries through Ukraine. Analysts have raised the forecast for gas prices to €39.8/MWh, driven by depleted storage levels and increased LNG import needs.Despite a 2% decline in gas demand in 2024, a modest 1% increase is expected in 2025, contingent on normal weather. Supply constraints from delayed LNG projects and potential geopolitical shifts could further impact prices, with risks of exceeding €50/MWh.