Europe faces gas storage challenge as supply risks grow

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2026 is shaping into a tumultuous year for the European natural gas market.

Pressure is building on two fronts: Qatari supplies and Russian exports.

In the Middle East, QatarEnergy has halted LNG production amid the Iran war.

The stoppage has already helped push global gas prices to three-year highs.

Europe didn’t import much LNG from Qatar in 2025. But, the longer the stop lasts, the more gas-strapped buyers in Asia will pull Europe-bound cargoes from the Atlantic.

A second jolt is coming from Russia, where the government has said LNG exporters will redirect some cargoes from Europe to Asia.  

Details around volumes and timing remain murky.

But Russia was the EU’s second-largest LNG supplier in 2025.

In January, the EU agreed to stop Russian flows in 2027. If it loses those imports faster than planned, it could face a crunch replacing the volumes.

All this spells increased competition for the continent.

That could bite more in the months to come, with EU gas stocks a lot lower than in recent years.

If imports dip and storage levels still lag come November, Europe will enter next winter with less of a gas buffer against cold spells and the higher prices they bring.