Goldman Sachs has projected that if the normalization of energy exports from the Middle East is delayed, the price of Dutch TTF gas could exceed €100 per megawatt-hour (MWh) by December 2026, which would be necessary for sufficient storage replenishment. This price is 110% higher than Goldman Sachs' baseline scenario of €50 per MWh. The gas storage levels in Europe are lower than in previous years, with the EU storage rate recorded at 62% on August 20, down from 74% at the same time last year. If storage levels remain low as winter demand approaches, Europe may have to offer higher prices to attract LNG shipments. S&P Global reported that the EU gas storage rate was 60.8% on August 15, which is below the average of the last five years. Goldman Sachs warned that the longer the disruptions in LNG transport through the Strait of Hormuz last, the more likely European gas prices will exceed €100 per MWh. The European Commission stated that there are no immediate supply concerns.
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