Europe faces a severe natural gas shortage as winter approaches. Gas Infrastructure Europe reports that storage facilities sit at a 15-year low for this season.
Inventories currently stand at 65% capacity. This level remains significantly below the five-year average of 80%.
Geopolitical conflict has crippled liquefied natural gas (LNG) exports from Qatar. Asian buyers are outbidding European Union nations for alternative LNG cargoes.
These supply constraints have pushed European gas prices to their highest levels since 2023. The benchmark TTF hub price now exceeds €75 (US$87) per megawatt-hour.