Europe's Gas Buffer Is Gone — And The 2022 Nightmare Could Be Back

The buffer is depleted

Europe is entering the 2026/27 heating season in its most vulnerable position since 2011. EU gas storage sits at just 65%, versus a five-year average of 82% and well below the EU's 90% target.

Unlike a pure weather squeeze, Europe is entering this winter with a structural supply problem already in place. Disruptions at the Strait of Hormuz have effectively knocked out Qatari LNG, with exports collapsing by roughly 96%.