The International Energy Agency (IEA) says that EU gas stocks enter winter 2026–2027 at their lowest since 2013, that low stocks in Europe combined with limited capacity in Asia and South America could sharpen competition for liquefied natural gas (LNG) cargoes and pressure spot prices, and that restocking in summer 2027 could keep tensions high until the middle of next year — according to the IEA, the near-paralysis of LNG flows through the Strait of Hormuz cut cargoes from Qatar and the United Arab Emirates by more than 60 billion cubic meters between March and October 2026, with a projected 3% fall in global LNG supply in 2026, about 20 billion cubic meters, and a drop of about 1.5% in world gas demand, about 65 billion cubic meters — German stocks, the largest in Europe, stood at 61.03% on November 1, against an EU average of 74.62%, according to Gas Infrastructure Europe data, and TotalEnergies chief executive Patrick Pouyanne said Europe will face no gas shortage this winter but will pay more, and that the continent loosened storage requirements a year too early.