European Energy Markets

EU gas storage enters injection season at 28.9%, its lowest April level in five years, while the Hormuz crisis chokes LNG supply and TTF swings between EUR 44 and 53/MWh. The Commission has cut the mandatory winter fill target from 90% to 80%, but even that reduced goal requires roughly 180 additional LNG cargoes over 2025 volumes, at an estimated EUR 35bn refill cost.