Global gas markets, especially in Europe, are approaching winter under serious pressure. With storage inventories lagging behind historical averages and shipping disruptions from the Middle East threatening key liquefied natural gas flows, many nations find themselves deeply exposed.

The supply shocks from both the Russia-Ukraine war and now the Strait of Hormuz closure have revealed vulnerabilities in a market that is more interconnected than ever, but also more geopolitically complex.

With less global LNG supply and growing sensitivity to weather, the case for new security frameworks is getting stronger, built on closer international cooperation, new reserve mechanisms and greater market flexibility.

Where does the global gas market stand right now? How much LNG is actually moving through the Strait of Hormuz? What are European countries doing to prepare for the winter? Is Russian gas coming back on the table? Will renewed concerns about energy security spur a faster transition away from gas and toward clean energy? And how do China and the rest of Asia factor into this high-stakes calculus for global supplies?

On today's show—Anne-Sophie Corbeau, Ira Joseph, and Tatiana Mitrova. All three are research scholars at the Center on Global Energy Policy and have deep expertise in geopolitics and energy markets.

They joined host Jason Bordoff to discuss the global gas market, what's behind the looming European supply crisis this coming winter, and how the markets—and European leaders—are responding. They played out some scenarios regarding supply and demand going forward and the role that Asian markets, global geopolitics, coal, renewables, and electrification could play.

Credits: Hosted by Jason Bordoff, Bill Loveless, and Daniel Sternoff. Produced by Mary Catherine O'Connor, Dara Diamond, Doug Halsey, and Kyu Lee. Engineering by Gregory Vilfranc.

Global Gas Markets on Edge as Europe Braces for Winter

Columbia Energy Exchange

Global Gas Markets on Edge as Europe Braces for Winter