BRUSSELS, March 26, 2026, 19:11 (CET)
On Thursday, the European Commission called on EU countries to get an early jump on refilling gas storage, ideally starting in April. Officials said supplies aren’t at risk right now, but cautioned that waiting too long could trigger a rush for fuel—especially after European gas prices have surged over 70% since Feb. 28.
It’s significant: Europe kicked off the refill season with storage levels at just 28%—well below normal for late March. The Netherlands stood lower still, scraping 6%. Under EU rules, storage is supposed to hit 90% before winter sets in, but there’s some wiggle room; governments can opt for 80% if needed.
There’s no shortage of gas in the region right now; Brussels noted the main supplies are still coming from Norway and the U.S., not the Middle East. But Asian demand for Atlantic shipments has picked up. Damage at Qatar’s Ras Laffan facility knocked out 12.8 million tons a year of LNG, and repairs could take three to five years, while the Strait of Hormuz remains mostly closed off.
At the Dutch Title Transfer Facility—Europe’s key gas trading hub—benchmark prices hovered just below $17 per million British thermal units (mmBtu) on Wednesday. In Asia, the LNG spot price posted a sharp jump to $25.30 per mmBtu, a 143% surge since late February. That’s miles above the $10 mark typically needed to maintain demand in lower-income import markets.
Supply isn’t loosening up much. U.S. LNG export terminals are basically maxed out, which means any additional shipments would come from rerouted cargo—not fresh output. “If you want an extra ship of U.S. gas in Berlin, you have to bid high enough to divert it away from Tokyo,” said Bernstein analyst Irene Himona. Reuters
At CERAWeek in Houston, executives didn’t rule out the squeeze sticking around through the summer. Freeport LNG CEO Michael Smith flagged that if the war persists and Europe’s summer buying ramps up, gas could stay above $17 per mmBtu. Woodside’s Mark Abbotsford added that with prices this high, buyers in lower-income parts of Southeast Asia might revert to coal.
LNG stocks stayed in the spotlight. Cheniere Energy picked up nearly 2%, closing at $290.43, with NextDecade jumping close to 12% to $8.205 by the end of Thursday’s U.S. session. Venture Global edged down about 0.2% to $16.67. Since the start of the conflict, however, Venture Global’s shares have soared over 70%, NextDecade is up 34%, and Cheniere has gained 25%. Morgan Stanley has shifted both Venture Global and Cheniere to overweight from underweight.
The market keeps chasing the latest headline. Any signs of diplomatic progress, or a less bumpy storage refill, could cool off gas and LNG stocks. Still, as NextDecade CEO Matt Schatzman put it, “None of this is going to be solved overnight.” Ras Laffan’s damage has already knocked out close to 17% of Qatar’s LNG export capacity, and that hit could last as long as five years. Reuters
For the moment, U.S. benchmark gas is holding steady. May Henry Hub futures last showed at $2.962 per mmBtu, according to delayed CME data. Meanwhile, the Energy Information Administration reported storage dropped by 54 billion cubic feet to 1,829 Bcf in the week ended March 20. Despite the global supply turmoil rattling Europe and Asia, Henry Hub prices remain well below those linked to overseas LNG.
