UBS Warns Europe Faces Natural Gas Shortage This Winter
UBS analyst Nayoung Kim warns Europe faces a winter gas crisis due to falling storage levels and reduced shipments from Qatar.
UBS energy analyst Nayoung Kim warned on October 3, 2026, that Europe is increasingly vulnerable in its natural gas market as winter approaches. Current EU gas storage levels are at 71.50%, which is significantly lower than the 15-year average of 88%.
This reduced buffer follows a sharp decline in shipments from Qatar, which delivered only four cargoes in September compared to a historical average of 25 to 30. Simultaneously, rising LNG demand in Japan and South Korea is intensifying price competition, potentially forcing European buyers to increase bids for spot supplies. Kim predicts storage will reach 74% by winter before falling to approximately 25% by the end of the season.
In a separate development, the United States government under the Trump administration has requested that France and Germany release emergency diesel supplies to mitigate a broader fuel crisis.
