Europe is heading into the 2026–27 winter with one of its weakest gas storage positions in nearly two decades, as supply disruptions and strong competition for LNG raise concerns over market tightness, according to Wood Mackenzie.
The consultancy said European gas storage was at its lowest seasonal level since 2009, with inventories around 65% full at the end of August.
It attributed August’s stronger-than-expected storage performance mainly to higher solar generation, which reduced gas-fired power generation by almost 16 million cubic meters per day below forecast.
Wood Mackenzie now expects European storage to reach 73% by the end of summer 2026 but fall to about 21% by the end of winter 2026–27.
It warned that limited storage would reduce the market’s ability to absorb supply disruptions and weather-related demand surges, potentially keeping prices and volatility elevated.
The consultancy also said around 20% of global LNG supply had effectively been removed from the market following disruptions to flows through the Strait of Hormuz, intensifying competition between Europe and Asia for available cargoes.
