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  • 6 October 2026
  • Market: Gas & Power, LNG, Natural Gas

Europe faces a difficult winter as tight global LNG supply, record‑low gas storage and the continued closure of the strait of Hormuz leave the region exposed to renewed price volatility. With few options to secure additional cargoes and limited flexibility from other supply sources, the balance between supply and demand remains uncertain. In this paper, Argus examines the key questions shaping the outlook:

  • How will the disruption to LNG exports through the strait of Hormuz affect Europe’s winter supply balance?
  • Can Europe manage a colder-than-average winter with low storage levels and reduced flexibility?
  • To what extent can higher Norwegian and Algerian supply offset shortfalls in LNG supply?
  • How will industrial and power‑sector gas demand respond to sustained high prices?
  • What role will Ukraine’s storage position play in supporting regional supply security?

 

This insight paper was created by Argus’ gas experts using data and analysis from the Argus European Natural Gas service and Argus Global Gas Markets service.

Download the Insight paper

About Argus Media

As a leading authority on energy and commodity markets across the globe, Argus is uniquely positioned to provide in-depth analysis and expert thought leadership. Our white papers are carefully written by Argus specialists from across our company. Each white paper focuses on a topical theme, exploring areas such supply and demand dynamics, price trends, trading activity and changing regulations. We always aim to provide a balanced view, underpinned by data and insight gathered first hand from the market.