Europe is struggling to fill its natural gas stores ahead of winter, with EU storage levels at about 63%, roughly 18 percentage points below the five-year average. Disruptions to shipping through the Strait of Hormuz have sharply curtailed LNG exports from Gulf producers such as Qatar, while the scorching summer has boosted air conditioning demand while reducing nuclear and wind power generation. Dutch TTF futures have climbed above 68 euros per megawatt-hour, and Goldman Sachs analysts say prices may need to exceed 100 euros per megawatt-hour to curb Asian demand enough for Europe to manage its storage through winter. Europe would need around 64 billion cubic meters of U.S. LNG, equivalent to roughly 77% of total U.S. exports, as new developments in Qatar are not expected to reach full capacity before the second half of 2027.
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