**Europe’s Gas Risk**

**Europe** is entering winter with dangerously low gas reserves. The **IEA** says **EU** storage is at its lowest in **13+ years**.

If colder weather arrives and **LNG** shipments through **Hormuz** remain disrupted, reserves could fall below **10%** by **March 2027**.

**Europe** would then need to rebuild reserves over the **summer**, competing for limited **LNG** supplies alongside higher prices well into **2027**.

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