Goldman Sachs Sees European Gas Hitting 100 EUR Amid Storage Crisis

Key Facts

Amid ongoing geopolitical tensions reshaping global energy flows, Goldman Sachs estimates that European natural gas prices may need to surge to 100 euros per megawatt-hour by December 2026 to secure winter supplies. According to reports, Dutch front-month gas futures have already climbed to 67 euros, marking their highest level since early 2023, as the Strait of Hormuz crisis continues to disrupt Qatari LNG volumes. Analysts warn that current price levels remain insufficient to outbid Asian competitors for limited global spot cargoes.

European markets are facing a severe deficit in inventory building, with current storage levels standing at 61.68%, well below the 15-year seasonal average of 72.5%. This shortfall, per market data, highlights the intensifying competition with Asian buyers who are currently attracting a larger share of available LNG. The combination of Middle East supply constraints and low storage buffers is placing unprecedented upward pressure on the European energy complex compared to previous years.

Looking ahead, traders are focused on the EIA Weekly Petroleum Report scheduled for August 19, 2026, for further signals on global energy balances. Investors will also monitor Eurozone and UK inflation data on the same day to gauge industrial demand and monetary policy shifts. With Dutch gas futures trading at 67 euros as of the latest update, the market remains highly sensitive to any further escalations that could drive prices toward the 100 euro target forecast by Goldman Sachs.