European gas reserves are set to hit their lowest level in 15 years as the continent prepares for winter, analysts warn. The situation could drive up costs for households and businesses across the region.
Wood Mackenzie forecasts that by the end of October, European Union storage facilities will be at just 76% capacity—thelowest since 2011. This critical shortfall stems from two major factors: a disruption in shipping through the Strait of Hormuz following an Iranian escalation in February and the European Union’s plan to ban Russian liquefied natural gas (LNG) imports starting January 1, 2027.
The current crisis is compounded by slow pumping activity in April due to high market prices, which discouraged companies from purchasing additional gas. Following a particularly cold winter, reserves dipped to just 28%, and by May 2026 they had risen only to 48%.
Slovak state-owned energy company SPP warned on June 21 that Europe’s reliance on LNG imports could create significant risks of price volatility and supply restrictions, as the market becomes increasingly focused on buyers willing to pay premium prices.
The EU has already initiated its phase-out of Russian pipeline gas. On June 17, the bloc launched the first stage of this ban, a regulation previously approved by the EU Council in January 2026. The plan calls for complete cessation of Russian gas consumption by the end of 2027.
