European Union – October 31, 2026 -- EU underground gas storage stood at 75% of capacity on 21 October 2026, and the upper-bound cost of refilling it this year reached €27 billion, according to the latest gas Monitoring Report from the EU energy regulators' agency ACER.

Slow refill began from a lower starting point than in 2025

Storage ended winter 2025-2026 at 28% of capacity, down from 34% a year earlier. Disrupted liquefied natural gas (LNG) flows linked to the Middle East conflict slowed the refill further. EU stocks remain below historical levels. The average cost of injected gas was the second highest in the past decade.

Middle East conflict added €18-33 billion to Europe's import bill

ACER estimates the conflict raised the cost of importing the same quantity of gas by €18-33 billion. The extra cost spreads across the gas value chain, hitting household and industrial consumers and pushing up electricity prices. Spot EU hub prices closed in on EUR 90/MWh in mid-October 2026, as Europe competed for LNG in a tighter global market.

US LNG now supplies about 30% of EU gas

Disrupted Qatari exports through the Strait of Hormuz increased EU reliance on other suppliers, especially the USA. No significant volumes of Qatari LNG reached the EU in summer 2026. Total EU LNG imports fell 14%.

Total Russian gas accounts for around 11% of EU supply. Russian LNG imports are 2% lower than in summer 2025, and Russian pipeline imports fell 3%.

Heat and drought lifted gas-fired generation 20% in August

Hot weather and droughts raised demand for gas-fired power. Gas generation rose nearly 9% over the gas summer period and 20% in August, compared with the same periods in 2025.

EU enters winter below its nine-year average storage level

Gas demand is around 20% lower than before the 2022 gas crisis, which raises the relative value of current storage levels. Weather-driven demand will shape how stocks evolve over the winter.

The EU and Asia are expected to keep competing for flexible spot LNG cargoes during the heating season, which could expose the EU to price pressure and volatility. The volume of LNG imports needed will depend on winter severity and demand. Additional cargoes are expected to come mainly from the USA, given reduced Qatari supply and the Russian LNG phase-out from January 2027.