Abstract. The rapid development of the liquefied natural gas (LNG) sector in recent years has increased the interdependence of regional gas markets, but the formation of a single global gas market is still far away. In 2024, the development of the largest regional gas markets was largely determined by local rather than global factors. In the United States, the role of the electric power industry continues to strengthen as the main driver of gas demand dynamics. Competition for gas between domestic consumption and exports has also intensified. In Russia, after the failures of 2022–2023 caused by the loss of export markets and a reduction in domestic demand, gas production is recovering. In the European Union, its consumption, after a deep decline in 2021-2023, is stagnating against the background of very low economic growth rates, while long-term trends towards the displacement of gas from the energy balance continue to operate. In terms of absolute gas demand, China has already surpassed the European Union and is rapidly approaching the countries of the Middle East and Russia. Ukraine’s suspension of Russian gas transit to Europe, the expected arrival of significant volumes of new LNG from the United States and Qatar, and the sanctions policy of the United States and the European Union on Russian gas exports will have a significant impact on the development of regional gas markets in 2025. The task of maintaining a balance between gas demand and supply will become more difficult for Europe, and gas price quotations on the European market will remain at elevated levels, which will push prices up in all regional markets.