Europe faces gas storage scramble

Europe's already huge task of refilling gas storage for next winter has suddenly become far riskier and far more expensive, as fallout from the US-Israel war on Iran disrupts LNG production and shipments, tightening supply and sending prices soaring.

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Gas storage allows Europe to meet winter heating and power demand, underpinning the region's energy security. This year, stocks are set to end the heating season far below normal levels, forcing Europe to buy more gas during the summer when it refills caverns and tanks across the continent. Europe has grown increasingly reliant on liquefied natural gas supplies to fill storage since it halted most imports of Russian pipeline gas following the invasion of Ukraine in 2022. Prior to that, LNG made up about