Brussels:Gas storage facilities in European Union countries are entering the 2026-2027 winter season with their lowest reserve levels since 2013. This condition increases the region’s reliance on global liquefied natural gas (LNG) supplies to meet peak seasonal demand, as stated in the International Energy Agency’s (IEA) “Global Gas Security Review 2026” report.
According to Azeri-Press news agency, 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. The low gas storage levels, coupled with limited storage capacities in LNG-importing countries in Asia and South America, could heighten competition for the limited number of LNG cargoes. This competition may lead to upward pressure on spot prices, particularly during periods of high demand.
The report further emphasized that Europe’s low reserve levels could significantly increase the demand for additional gas injections to replenish storage facilities by the summer of 2027. This situation could cause tensions in the global market to persist until the middle of the next year.