ENTSOG released its 2026/2027 winter supply outlook, reporting that EU underground gas storage was 72% full as of October 1. The group described this as a historically low level heading into peak demand season, following a difficult injection season and stronger global competition for LNG cargoes.
The report said prolonged disruptions at the Strait of Hormuz have intensified competition for LNG between Europe and Asia, contributing to higher and more volatile global gas prices. It also highlighted Europe’s vulnerability and its growing reliance on steady, strong LNG deliveries to maintain market balance through winter.
For the U.S. market, tight European supply points to sustained demand for U.S. LNG exports. That demand could support higher prices for domestic natural gas futures (NG=F) and related investment vehicles such as the UNG ETF as more U.S. gas is directed to international markets.