Goldman Sachs: Without a Gas Price Jump, Europe's Winter Storage Won't Fill Amid the Hormuz Crisis

Analysts at Goldman Sachs, in a note published over the weekend and carried by Bloomberg, said that if the Strait of Hormuz crisis persists and keeps Asian LNG prices elevated, European gas prices need to rise sharply by December 2026 for the continent's storage to fill for the coming winter, according to Oilprice.com. The note said that in a scenario where West Asian energy exports normalize only gradually through 2027, the Dutch TTF gas futures contract for December 2026 delivery would likely need to move above 100 euros per megawatt hour, 110 percent above Goldman's base case of 50 euros. The report said European gas storage is currently about 62 percent full, per data from Gas Infrastructure Europe, the lowest level for this time of year in nearly two decades. As of Monday morning, Shahrivar 2, 1405 (August 24, 2026), TTF gas was trading up 1.5 percent at 66.85 euros ($78) per megawatt hour.