BRUSSELS, 3rd November, 2026 (WAM) – Europe is entering the 2026-27 winter heating season with its lowest natural gas storage levels in more than a decade, raising concerns over supply security and global market stability, with tight conditions potentially extending well into 2027, according to the International Energy Agency (IEA).
In its Global Gas Security Review 2026, the IEA said European Union gas storage sites were entering the heating season with inventories at their lowest levels since 2013, potentially increasing the region's reliance on global liquefied natural gas (LNG) supplies to meet winter demand.
The agency warned that reduced storage buffers could leave Europe more exposed to supply shortages, particularly in the event of colder-than-expected weather or further disruptions to gas flows. Low inventories could also sustain strong European demand through summer 2027 as countries replenish storage ahead of the following winter, prolonging pressure on global gas markets.
The IEA projected that global LNG supply would fall by 3% in 2026, while global gas demand is expected to decline by around 1.5%, partly reflecting lower industrial gas consumption in Europe and gas-to-coal switching in the power sector across several Asian countries.
The report noted that growing LNG supply, particularly from North America, and more flexible international trading arrangements had helped offset some of the supply losses caused by disruptions in the Strait of Hormuz.
However, the effective halt of LNG flows through the strait between March and October pushed Asian and European gas prices to their highest levels since the 2022-23 energy crisis, underscoring the market's continued vulnerability to geopolitical tensions and disruptions along major supply routes.
The IEA stressed the importance of stronger international cooperation on gas supply security and more flexible trading and storage arrangements to withstand potential shocks and limit price volatility.
Europe consequently faces the dual challenge of securing sufficient gas for winter demand while rebuilding reserves during the warmer months, against a backdrop of continued global supply pressures and geopolitical risks.