EU Gas Storage Levels Lag Amid Supply Risks and Disrupted Exports
The European Union's gas storage levels remain a concern ahead of the heating season. As of September 16, 2026, reserves stood at 68.7% of capacity, far below the five-year average of 88.0%. This marks a significant improvement from April 1, 2026, when storage was at just 28%, but still falls short of the regulatory target of 90%.
The European Union has amended regulation 2025/1733, which sets a filling target of 90% to be reached each year between October 1 and December 1. However, market conditions have reduced the economic appeal of storage, with the current backwardation structure making it unfavorable to buy gas today to resell during winter.
The Strait of Hormuz has also become a disrupted route rather than a closed one, affecting Qatari and Emirati LNG exports. Industry executives, including Cederic Cremers, Anatol Feygin, and Andrew Barry, have raised supply risks at the Gastech conference in Bangkok. A cold winter would trigger a further price increase, likely to price out the most price-sensitive consumers.