Europe is entering the winter heating season with its lowest natural gas storage levels in more than a decade, and tight conditions in the global market may extend well into 2027, according to a report by the International Energy Agency (IEA).

In European Union countries, storage sites are entering the 2026-27 season at their lowest levels since 2013. The effective halt of liquefied natural gas (LNG) flows through the Strait of Hormuz reduced loadings from Qatar and the United Arab Emirates. The IEA projects a 3% fall, or almost 20 billion cubic meters, in global LNG supply in 2026. QatarEnergy extended force majeure on LNG deliveries to most customers to the end of December 2026, according to OilPrice.