Europe and much of Asia are suffering through record heatwaves, but concerns are already shifting to the upcoming winter, with anticipated natural gas shortfalls and electricity price spikes due to the war in Iran and Middle East supply outages. European gas storage levels were just above 50% of capacity in late July, a historically low level, with a best-case scenario projecting only 75% by November. European spot prices surged nearly 26% in one week, with the European benchmark more than seven times higher than U.S. prices. Qatar, the world’s third-largest LNG exporter, suffered serious infrastructure damage with restoration not expected until late 2027, while the Strait of Hormuz remains largely closed, intensifying competition for limited cargoes and threatening grid failures in some Asian nations.
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