Europe Faces Weakest Gas Storage in 15 Years Ahead of Winter
Europe is heading into winter with its smallest natural gas supply buffer in 15 years, as storage facilities are only about 54% full, well below the five-year average. Equinor CEO Anders Opedal warned that refilling to even 80% before winter is unlikely. The shortfall is driven by fewer LNG cargoes reaching Europe due to intensified competition from Asia, where buyers are paying higher prices amid disruptions in the Strait of Hormuz from the U.S.-Iran war. Asian LNG imports are projected to hit a six-month high in July, while European imports are falling to their lowest since September 2024. Norway now supplies roughly one-third of Europe's gas imports, and LNG accounts for about 30% of the continent's supply, exposing Europe to global market volatility.
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