LNG prices above $30/MMBtu as Europe enters winter with lowest gas stocks of decade

Northern Hemisphere winter 2026/27 opens with LNG prices above $30/MMBtu and markedly lower gas inventories in key markets, particularly Europe, which holds its lowest gas storage of the 2020s. The market faces extreme uncertainty: upside risks from supply tightness and cold weather, but downside risks from a recovery in Middle Eastern LNG supply and weather-suppressed demand. The situation is fluid, with price direction hinging on winter weather and supply recovery.

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