Is Europe's Gas Storage Really 75% Full? It Is Lower, and a Record Low for the Date

Three statements appear together in recent gas-market commentary. We do not attribute them to a named author, because we could not confirm an original wording.

• EU gas storage is about 75% full, the lowest for the time of year since 2011.
• Unplanned Norwegian outages have tightened supply.
• The US Energy Information Administration (EIA) projects US LNG exports of 19 Bcf/d by 2027.

The first is out of date on the level and understated on the record. The third matches EIA's forecast. We did not test the second.

The EU aggregate reached 74.96% on gas day Oct 27, 2026 (849.12 TWh), its highest reading of 2026. By gas day Nov 11, 2026 it was 71.24%. Anyone quoting 75% in mid-November is quoting the peak.

Germany was 57.68% full on gas day Nov 11, 2026 (142.67 TWh), a confirmed AGSI+ value.

We read the EU fill level for gas day Nov 11 in every year AGSI+ covers. The previous low was 74.73% on Nov 11, 2021. This year is 3.49 percentage points below that.

The average for Nov 11 from 2011 to 2025 is 89.47%, so 2026 is 18.23 points under it. A year earlier the level was 82.30% on Nov 11, 2025.

“Lowest since 2011” undersells it. 2011 is where the data begin, not a year that was lower: Nov 11, 2011 was 93.92% full.

The record is in the fill level, not in the amount of gas. In TWh, storage held less on Nov 11 in 2011, 2012 and 2013 than it does now. The working gas volume AGSI+ reported in those years was smaller, between 663.8 and 927.9 TWh against 1,132.4 TWh in 2026, so the early years are not a like-for-like comparison in energy terms.

Current levels are on the EU gas storage page, and gas storage vs TTF prices covers how the two have moved together.

On Nov 12, 2026, the Dutch TTF daily average was €89.11/MWh and Henry Hub was $3.29/MMBtu (OilPriceAPI daily averages, codes DUTCH_TTF_EUR and NATURAL_GAS_USD).

In the same unit: €89.11/MWh × 1.1076 USD per EUR ÷ 3.412142 MMBtu per MWh = $28.93/MMBtu. The exchange rate is the OilPriceAPI EUR_USD daily average for Nov 12, 2026.

That leaves a gap of $25.64/MMBtu, with Henry Hub 88.6% cheaper than TTF. The gap is a gross figure. Liquefaction, shipping and regasification come out of it, and we do not estimate those here.

NATURAL_GAS_USD is the NYMEX front-month future, not the physical spot price. Live values: TTF, Henry Hub and European gas hubs. The unit change is worked through in converting TTF from €/MWh to $/MMBtu, and the wider comparison is in is US natural gas really 80% cheaper.

The Short-Term Energy Outlook released Nov 10, 2026 puts US LNG exports at 19.0 Bcf/d in 2027, up from 17.6 Bcf/d in 2026 and 15.1 Bcf/d in 2025. The figure is an average for the year 2027, a forecast, and EIA revises it monthly.

We did not test this one. Outage notices for the Norwegian system are published by Gassco, and we did not verify outage volumes from those notices for this page, so we give none.

Three codes from /v1/prices/latest. Each value has its own timestamp, and the script prints them because the three may not be simultaneous.

import requests

URL = "https://api.oilpriceapi.com/v1/prices/latest"
HEADERS = {"Authorization": "Token YOUR_API_KEY"}
MMBTU_PER_MWH = 3.412142

def latest(code):
    r = requests.get(URL, params={"by_code": code}, headers=HEADERS, timeout=10)
    r.raise_for_status()
    return r.json()["data"]

hh = latest("NATURAL_GAS_USD")   # Henry Hub front-month, $/MMBtu
ttf = latest("DUTCH_TTF_EUR")    # TTF, EUR/MWh
fx = latest("EUR_USD")           # US dollars per euro

ttf_usd = ttf["price"] * fx["price"] / MMBTU_PER_MWH
print(f"TTF {ttf_usd:.2f} vs Henry Hub {hh['price']:.2f} $/MMBtu, "
      f"spread {ttf_usd - hh['price']:.2f}")
print("timestamps:", hh["created_at"], ttf["created_at"], fx["created_at"])

The storage figures on this page are static, copied from AGSI+ on Nov 13, 2026. For storage data by API, see the EU gas storage API page.