Since the military conflict with Iran, since the end of February 2026, the price of gas in Europe has risen 3 times. We say that the Iranian conflict inflated the price of oil, nitrogen fertilizers, food, but the main imbalance is gas. First and foremost, Qatar is almost locked into LNG, which accounted for 20% of global LNG exports. European gas storage capacity is currently 75%, the lowest seasonal level on record, while Germany's reserves are 61%. Recovery could be more challenging as temperatures across the continent are expected to drop, potentially increasing demand for heating in the coming days. Unplanned disruptions to gas supplies from Norway also exacerbate the problems. The supply shortage is fueling competition between Europe and Asia for LNG. Europe can solve these problems by bringing back Russian gas, but the solution lies in politics.

Since the military conflict with Iran, since the end of February 2026, the price of gas in Europe has risen 3 times. We say that the Iranian conflict inflated the price of oil, nitrogen fertilizers, food, but the main imbalance is gas. First and foremost, Qatar is almost locked into LNG, which accounted for 20% of global LNG exports. European gas storage capacity is currently 75%, the lowest seasonal level on record, while Germany's reserves are 61%. Recovery could be more challenging as temperatures across the continent are expected to drop, potentially increasing demand for heating in the coming days. Unplanned disruptions to gas supplies from Norway also exacerbate the problems. The supply shortage is fueling competition between Europe and Asia for LNG. Europe can solve these problems by bringing back Russian gas, but the solution lies in politics.