IEA Says EU Winter Gas Storage Is Lowest Since 2013

The European Union began the 2026/27 heating season with less gas in storage than at any comparable point since 2013, according to the International Energy Agency. Its Global Gas Security Review 2026, published on 3 November 2026, says those inventories provide less protection against interruptions to supply.

At the close of October 2026, EU storage facilities held 75% of their capacity, Radiocor reported, compared with a bloc-wide target of 80%. Radiocor described that level as the lowest for more than a decade.

The IEA says the reduced inventories make the EU more dependent on liquefied natural gas, or LNG, from global suppliers during winter. Some countries importing LNG in Asia and South America also have limited storage options. The agency says these conditions could increase competition for flexible cargoes, with spot prices potentially rising when demand is high.

For global LNG supply, the agency forecasts a contraction of almost 20 billion cubic metres in 2026, equivalent to 3%. That projection assumes shipments passing through the Strait of Hormuz continue to experience substantial disruption until at least the end of the year.

A separate IEA simulation examines EU storage through March 2027. Under a scenario combining below-average temperatures with continued disruption to LNG shipments through the Strait of Hormuz, inventories could finish that month at less than 10% of working capacity. The agency also says the rate at which gas can be withdrawn tends to decrease when inventories drop beneath 30% of working capacity.

The report’s assessment extends to replenishment during summer 2027. According to the IEA, low EU inventories could leave Europe needing to put more gas into storage over that period. The agency says this additional demand could keep global gas markets tight into 2027.

* This article is based on publicly available information at the time of writing.