Gazprom Exports to the EU Jump 21% Y/Y in March as Hormuz Crisis Tighten LNG Supply
Russia's gas share in EU gas imports jumps to 15.1% (with 8 Charts)
By March 31, 2026, Europe’s gas reserves had fallen to their lowest seasonal point since 2022, with only about 27.67% of storage capacity remaining. This level was significantly lower than the five-year average, as shown in Figure 1. Nevertheless, despite reaching this historic low, Europe managed to get through the winter without exhausting its underground gas supplies.
TTF gas prices in Europe were highly volatile in March, rising to an average of $17.9/MMBtu from $11.2/MMBtu in February amid concerns over LNG supply from Qatar. In Asia, JKM LNG prices surged after the attack on Ras Laffan facilities, averaging $18.3/MMBtu compared to $10.7/MMBtu in February. The price spread favored JKM, widening to $2/MMBtu following the incident, leading to a large number of LNG carriers being diverted from Europe to Asia.