Gas storage facilities in European Union countries are entering the 2026–2027 winter season with their lowest reserve levels since 2013. This further increases the region's dependence on global liquefied natural gas (LNG) supplies to meet peak seasonal demand, stated in the International Energy Agency's (IEA) "Global Gas Security Review 2026" report, APA-Economics reports.
It is noted that Europe could find itself in a particularly vulnerable position if the upcoming winter is colder than expected or if technical failures or other supply disruptions occur.
According to the report, low gas storage levels in Europe, combined with limited storage capacities in LNG-importing countries in Asia and South America, could intensify competition for a limited number of LNG cargoes that can be flexibly redirected to other destinations in the coming months and put upward pressure on spot prices (cash market prices – ed.), particularly during periods of high demand.
"Low reserve levels in Europe could also significantly increase the demand for additional gas injections to replenish storage facilities in the summer of 2027. This could cause tensions in the global market to persist until the middle of next year," the report emphasized.
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