Northern Hemisphere enters winter 2026/27 with thin gas and LNG buffers and little room for error

Northern Hemisphere gas markets enter winter 2026/27 with LNG prices above $30 per MMBtu and gas inventories markedly lower in key markets. Europe has its lowest gas inventory of the 2020s, and Northeast Asia faces a likely mild winter.

Henry Hub is expected to stay near $3 per MMBtu, largely insulated from the global rally.