Hormuz Strait Closure Pushes European Gas Storage to Record Lows

European gas storage levels are at an all-time low of 55.35% capacity as the closure of the Hormuz Strait removes nearly 20% of global LNG supply, pushing up continental prices.

The strait carried 112 billion cubic meters of LNG in 2025, with Qatar and the UAE shipping a combined 93% of their exports through it. The loss of Train S4 and S6 at the Ras Laffan South site is estimated to be around $20 billion annually in revenue for QatarEnergy.

The European benchmark contract, TTF, has reached its highest level since January 2023, trading at €63 per MWh on July 24. Goldman Sachs raised its forecast for TTF to €60 per MWh for the third quarter and €53 per MWh for the fourth quarter.