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The IEA warned that EU gas storage could close the 2026/27 heating season at record lows and fall below 10% of working capacity by end-March in a worst case. It said Hormuz LNG disruptions could extend market tightness into 2027.
Spreads between May and November 2027 contracts reached record highs.
Record-low EU storage implies heavy winter and summer 2027 injection demand, supporting European gas and LNG prices and the energy costs behind nitrogen fertiliser. Tight gas markets raise input costs for European feed and livestock producers.
swissinfo.chBloombergNov 3, 2026After 74 past bullish report events, Natural Gas moved a median +1.3% over 5 sessions (55% higher; middle half -4.0% to +11.3%), and +2.1% over 20.
After 76 past bullish report events, Urea moved a median 0.0% over 5 sessions (49% higher; middle half -2.2% to +2.9%), and -0.3% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
