Europe faces race to refill gas storage as LNG cargoes flow to Asia
Montel said the bloc received 11% less gas than the five-year average as Asian buyers outbid Europe for LNG cargoes.
- Montel forecasts European Union gas storage will reach only 69–84% by November 1, 2026, leaving the bloc's 90% target firmly out of reach as winter approaches.
- Competition with Asia for liquefied natural gas cargoes has diverted shipments away from Europe; buyers in China, Japan, South Korea, Taiwan, and India offered higher returns between March and July.
- Net injections were 11% below the five-year average between April and July, while the effective closure of the Strait of Hormuz has constrained global energy supplies further.
- Dutch TTF futures surged to over €65 per megawatt-hour on Thursday, the highest since March; a European Commission spokesperson told reporters the situation is "not an emergency at all."
- If Middle East exports normalize only gradually through 2027, analysts warn natural gas futures could rise above 100 euros per megawatt-hour to curb Asian demand and preserve European winter stocks.
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47 Articles
The German gas storage systems have been at the lowest level since the start of the recording – and the Iran war is driving gas prices up. What this means for the coming winter.
At the end of the summer, the rate of gas storage filling in Europe is lower than usual: 63% compared to 70% in general at this time of year. The situation is particularly sensitive in Germany, with reserves of only 50%. A risk of shortage seems to be ruled out, but prices could go away this winter, especially if the conflict in the Middle East stagnates. - Gas: the reserves in Europe are low, what are the risks? (Economy).
It is now six months since the start of the war in Iran and nothing is foretelling a quick solution. The US has just announced economic retaliation for those who trade with Tehran that will further complicate the supply of energy through the Strait of Hormuz. Summer is passing and Europe is not normally doing the natural gas storage work of these dates. The shortage of supply from the Middle East has made a dent and the level of reserves in the …
EU gas storage systems are as poorly filled as they have been for years. If the Hormus barrier continues, this winter could be expensive.
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