Europe's Gas Storage Levels Hit Record Low Amid LNG Disruptions

Europe's gas storage levels are at their lowest for this time of year, leaving the region vulnerable to winter demand. Current inventories stand at around 67% full, substantially below the five-year average of 83%. This comes as LNG exports from Qatar and the UAE are severely disrupted due to restrictions in the Strait of Hormuz.

The conflict involving the US and Iran has sharply reduced export volumes, with Shell estimating a loss of around 36 million tonnes of LNG supply this year. Qatar's shipments have plummeted from an average of 6.51 million tonnes per month before the conflict to just 70,000 tonnes in August.

Europe's reliance on LNG imports has increased significantly since Russian pipeline deliveries fell sharply after Russia's invasion of Ukraine. LNG imports reached a record 125.2 million tonnes in 2025 and are expected to rise further this year. However, the cost of securing these supplies has increased dramatically, with Asian spot prices reaching around $26 per million British thermal units in early September.