$LNG Surges as Europe Faces 15-Year Low Gas Storage Levels and Intense Bidding Wars Ahead of Winter

European gas storage has dropped to a 15-year low of approximately 65% full, falling well short of the regulatory mandate to hit 90% by November 1.
A misplaced bet on a swift resolution to the Iran conflict delayed European purchasing, triggering a supply shock that has pushed LNG prices to a 3.5-year high. European buyers are now competing directly against Asian markets for available spot cargoes. While characterized as a one-time price spike that will fade after winter, the crunch squeezes uncompetitive European industries and hands immediate pricing power to U.S. LNG exporters.