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Middle East conflict signals tough European winter
Data from "Gas Infrastructure Europe" indicates that Europe's natural gas inventories at the start of the 2026 heating season are at historically low levels since monitoring began in 2011. Europe took advantage of the warm early autumn weather to increase gas injections more rapidly than withdrawals, despite prices reaching their highest levels since late 2022. The trend away from cheap Russian gas toward more expensive sources such as U.S. liquefied natural gas (LNG), coupled with the closure of the Strait of Hormuz, has contributed to rising gas prices in Europe. In September, 7.8 billion cubic meters of gas were used—an 11-year low in withdrawals—while the net injection reached 7 billion cubic meters, representing a 23% increase compared to last year.
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