Low European gas stocks could tighten competition for LNG cargoes
The IEA says EU inventories entered the heating season at their lowest level since 2013.
European Union gas inventories entered the 2026–27 heating season at their lowest level since 2013, the International Energy Agency reported on November 3. A cold winter or an outage could leave European buyers relying more heavily on cargoes of liquefied natural gas.
The agency forecasts global LNG supply will fall about 3% in 2026. New supply from North America and more flexible trading arrangements have helped some buyers respond to disruptions around the Strait of Hormuz. Storage constraints in parts of Asia and South America also mean buyers there may need to seek cargoes when demand rises.
The squeeze could continue after winter. The IEA says Europe may need larger summer injections in 2027 to refill storage, keeping buyers in the market beyond the heating season. The effect on spot prices will depend in part on weather and supply disruptions.