Europe Faces Weakest Winter Gas Buffers in 15 Years

Europe’s natural‑gas inventories are down to about 54 % of capacity, the lowest level for this time of year in a decade and a half, far short of the EU’s target of 80 % before winter. Equinor CEO Anders Opedal warned that the continent could enter the heating season with its smallest supply cushion in years.

LNG now supplies roughly one‑third of Europe’s gas imports, but shipments are being squeezed by the U.S.–Iran conflict that has halted cargoes through the Strait of Hormuz. Asian buyers are snapping up spot LNG cargoes, pulling supplies away from Europe and driving up prices. Norway provides about one‑third of the remaining gas imports, while U.S. cargoes that normally replenish European storage are increasingly redirected to Asia.

The combined effect of reduced Russian pipeline gas, limited LNG availability and heightened competition threatens European households and utilities as winter approaches.