Europe Enters Winter With Gas Tanks High Enough to Calm Market

Europe is kicking off the heating season with fuller gas stocks and calmer markets than many expected. Yet the true test of its energy resilience will come in the months ahead.

Storage sites across the European Union — the region’s key shield against demand spikes — are entering October more than 82% full after an aggressive summer stockpiling campaign. While that’s a relief to gas markets that saw a turbulent start to 2025, traders are bracing to see whether a cold winter will cause volatility to return in 2026.