report<\/a><\/span>, the IEA noted that depleted storage inventories will heighten Europe’s reliance on global liquefied natural gas (LNG) supplies to meet peak demand, particularly in the event of a colder-than-expected winter.<\/p>\n“Under colder-than-average weather conditions and prolonged disruptions to LNG flows through the Strait of Hormuz, EU gas storage levels could drop to below 10% of working capacity by the end of March 2027,” the report said.<\/p>\n
Depleted stock levels could intensify competition for the limited volume of flexible LNG cargoes with countries in Asia and South America that have limited storage options, putting upward pressure on prices this winter.<\/p>\n
The IEA noted, “Low storage levels in Europe could also significantly increase gas injection requirements to replenish stocks through the summer of 2027, potentially extending tightness in the global market well into next year.”<\/p>\n
With the effective closure of the Strait of Hormuz cutting more than 60 billion cubic metres of supply from Qatar and the United Arab Emirates, Asian and European prices have already reached their highest levels since the 2022-23 gas supply crisis.<\/p>\n
The report stated that an increase in LNG supply, particularly from North America, alongside more flexible trading arrangements, has helped cushion the impact of the Hormuz supply shock.<\/p>\n
The report forecasts that global LNG supply will drop in 2026 by a record 3%, or around 20 billion cubic metres, compared with 2025.<\/p>\n
Global gas demand is expected to fall by roughly 1.5%, or nearly 65 billion cubic metres, driven by lost demand across the Middle East, declining industrial gas consumption in Europe, and power sectors switching from gas to coal across multiple Asian countries.<\/p>\n
The IEA said, “These findings highlight the importance of strengthening international cooperation on gas supply security, even as global markets become more flexible.”<\/p>\n
The EU was expected to fill its underground gas storage facilities to at least 90% ahead of the winter season.<\/p>\n
However, after that requirement was relaxed because of the ongoing crisis, the average fullness rate stood at just 74.6% as of 1 November.<\/p>\n
This shortfall was primarily driven by lower-than-normal inventories in Germany and the Netherlands.<\/p>\n
The IEA observed that because storage levels for this time of year are at their lowest since 2013, the EU has become uniquely dependent on LNG shipments.<\/p>\n
In the event of an exceptionally cold winter, EU storage fullness could drop below 10% by March, leaving the bloc vulnerable to “additional cold spells, technical failures, or other supply disruptions”.<\/p>\n
However, the Paris-based energy security agency added that these challenges could extend well beyond the winter months.LNG<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
The International Energy Agency (IEA) has stated that the global gas market could remain tight “until later in 2027” as European gas storage levels stand at their lowest point in a decade ahead of the winter season. Presenting its “Global Gas Security Review 2026” report, the IEA noted that depleted storage inventories will heighten Europe’s […]<\/p>\n","protected":false},"author":1,"featured_media":17232,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[3],"tags":[22910,3865,610,805,9310,17502,543,503,15350,22911,2123,8992,2338,1881,19209,866,10763,1920],"class_list":["post-17231","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-europe","tag-coal-switching","tag-energy-security","tag-eu","tag-european-union","tag-gas-prices","tag-gas-storage","tag-germany","tag-headline","tag-iea","tag-industrial-gas-demand","tag-international-energy-agency","tag-liquefied-natural-gas","tag-lng","tag-netherlands","tag-north-america","tag-qatar","tag-strait-of-hormuz","tag-united-arab-emirates"],"yoast_head":"\n
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