A methane oddity
It's winter. Gas demand is strong. LNG is cheap. But Europe is not buying more.
“The EU is well prepared for winter 2025-2026 and the months that follow, according to the annual Winter Supply Outlook published today [October 9th] by the European Network for Transmission System Operators for Gas (ENTSOG).”
“The EU gas system reached a storage level of 83% on 1 October 2025, showing resilience in case of further disruption to gas supply from Russia and limited supplies of LNG. This level is in the range observed in the years prior to the energy crisis.
Even without Russian pipeline gas imports, winter can end with EU storage filled at 35%. This would provide a good basis for refilling gas storage facilities next summer.”
When the above report by the European Commission came out, winter hadn’t arrived yet, but it was already breathing down Europe’s neck. Since the report, the EU has finalised the “disruption” in gas supply from Russia by banning it altogether. It has also stepped up purchases of U.S. liquefied gas, which drove an estimated all-time high total for November. But there’s something strange happening.
Europe’s gas storage is draining at a rate significantly exceeding the rate of refilling. And when I say “significantly”, I mean “massively”, “enormously”, and “It’s like pouring water into a bottomless pit”. But imports are not rising. I’ve got charts for you and these charts tell a strange and unpleasant story. We could call it “Where’s all the gas?”
