Europe Heads Into Winter With Gas Storage at a Two-Decade Low

Europe is heading for the winter with one of the lowest levels of gas in storage in the past two decades as the war in the Middle East crippled LNG supply from Qatar, sent gas and LNG prices in Europe and Asia skyrocketing, and intensified competition for the shrunk pool of readily available global LNG cargoes. A perfect storm of elevated demand for filling depleted storage and electricity during the summer heatwaves, and slashed global LNG supply with Qatar’s cargoes trapped behind the Strait of Hormuz have pushed European benchmark prices…