European countries are facing a growing challenge to refill natural gas storage ahead of winter as LNG cargoes are increasingly being diverted to Asia, where buyers are offering higher prices. According to energy market intelligence firm Montel, the EU’s goal of reaching 90% gas storage by November is now likely unattainable due to disruptions in the Strait of Hormuz, a key global energy transit route, and intensified competition for LNG supplies. Europe received significantly fewer LNG cargoes than required during the summer, while US LNG exports to major Asian markets reached record levels and surpassed shipments to Europe for the first time in July. The shortfall could place upward pressure on European energy prices as winter approaches, although the European Commission maintains that current storage levels do not present an immediate threat to supply security.
