Europe bets on mild winter when it should be cutting gas demand
Europe is approaching winter with high gas prices, escalating conflicts disrupting supply, and gas storage at the lowest level for this time of year since records began in 2011. EU LNG imports fell by 3.5% year on year between January and August 2026, while pipeline imports rose by 2.5%. Around 60% of the EU's LNG imports so far this year have come from the US, and EU gas storage was 68.04% full on 12 September 2026.
Why it matters: For the Energy Security theme, the report underscores that Europe's reliance on LNG spot markets and US supply leaves it exposed to global shipping bottlenecks and bidding wars, with demand reduction as the main lever within its control.