The European gas market faces increased vulnerability in 2026, starting the year with aggregate storage levels at just 61%, which is the lowest since 2022. A simultaneous cold spell in the U.S. and Europe has already triggered significant price surges at both the Henry Hub and TTF. A new analysis by the EWI warns that if cold weather persists through March, gas demand could rise by 120 TWh, forcing LNG terminal utilization to reach 90% to maintain critical reserves. Furthermore, refilling storage to the EU’s 90% target by next winter would require a sustained import utilization of over 80% from April onward. With only 30% of demand covered by long-term contracts, Europe must compete heavily on the global spot market, particularly against Asian buyers, likely keeping European price levels elevated despite expanding global export capacities.