Europe enters winter with gas storage at 72% and prices up nearly 200%

Gas storage starts winter well below normal

Gas Infrastructure Europe data for 8 November 2026 put EU underground storage at about 820 TWh, against a capacity of 1,132 TWh, or 72.4% full. That is 10.2 percentage points below the 82.6% recorded in 2025 and 17 points below the five-year average. Germany, the largest gas storage holder in the bloc, stood at 58.95% (about 145.8 TWh), nearly 30 points below its five-year average for the same date. Italy was at 88.9% and Poland at 97.6%. Bloomberg reports that withdrawals accelerated in the week before as temperatures fell, with net withdrawals almost six times higher than in the preceding week.

EU72.4%

Germany58.95%

Italy88.9%

Poland97.6%

EU

72.4 %

Germany

58.95 %

Italy

88.9 %

Poland

97.6 %

Data from the article text

Prices and industry costs

Bloomberg puts the rise in European gas prices at nearly 200% since February 2026, with prices passing 100 euros per megawatt-hour in late October, the highest level in four years. The Dutch November contract reached 100.95 euros on 28 October, the first time above 100 euros since December 2022. Reuters notes that prices had reached roughly three times their pre-war level, as disrupted LNG shipments from the Middle East cut available supply. Diesel prices have reached record levels and kerosene has almost doubled, while German power prices have moved above the average for the corresponding period of 2022. Engie, the French energy company, already saw high prices curbing gas sales, even to its large customers, in the third quarter, before heating demand arrived.

Winter pressure and the war in Iran

The European Commission says Europe's energy import bill has risen by more than 127 billion euros since the war in Iran began, and Bloomberg links the squeeze to the effective closure of the Strait of Hormuz, a key route for oil and LNG. Energy-intensive sectors such as construction, chemicals, fertilisers, agriculture and air transport are the most exposed. In Thuringia, a porcelain factory with 182 years of operation behind it is preparing to stop production and shut down its kilns. The Polish fertiliser industry is asking the government to intervene on energy costs, while Spain has spent 12 billion euros since March to limit the impact of higher bills. Bloomberg, citing Bruegel data, puts European government support measures at nearly 35 billion euros.

Scenarios for the coming months

Bloomberg cites an ENTSOG scenario in which a colder than expected winter and limited global LNG supply could leave EU storage only 10% full at the end of winter. Avoiding that outcome would require a 15% cut in energy consumption, and a run-out of German stocks by March cannot be ruled out. The International Energy Agency warns that refilling storage in summer 2027 may keep pressure on markets. Weather models generally forecast a mild winter but do not rule out cold spells in December and later months. A cold winter in Asia could also intensify competition for LNG cargoes and push prices higher again. More than half of European citizens will go to the polls within the next 12 months, which puts living costs and energy bills at the centre of public debate.