Why is Europe unlikely to reach its 80% pre-winter gas storage target, according to Equinor?

Europe is unlikely to reach its 80% pre-winter gas storage target because current gas storage sites are only around 30% full—six percentage points below the seasonal norm—and unfavorable price spreads (with near-term contracts more expensive than next-winter contracts) are not providing economic incentives to inject gas now. As Equinor CFO Torgrim Reitan stated, 'So we believe that gas storages will likely not reach the 80% target that is set.'

What impact has the Middle East war had on Qatar's LNG production and Europe's gas supply outlook?

The Middle East war has damaged Qatari LNG production, with repairs expected to take up to five years and resulting in a 17% cut to Qatar's export capacity; this means Europe cannot rely on the anticipated LNG surplus this decade and must instead buy LNG to meet demand, as 'currently, we don't see that glut of LNG through this decade as we were sort of expecting just half a year ago.'

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Europe Unlikely to Reach 80% Pre-Winter Gas Storage Target, Says Equinor

May 6, 2026

Equinor's CFO warns Europe may miss its 80% pre-winter gas storage goal due to unfavorable price spreads and reduced Qatari LNG supply from Middle East conflicts, leaving the market vulnerable to weather and operational risks.

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