Gas at 100 euros: Goldman’s warning for Europe this winter
WHAT HAPPENED
Europe has its gas reserves at 62%, the lowest level for this date in nearly 20 years. The price has already risen 120% in 2026, to 67 euros, and could exceed 100 in December if supply from the Middle East does not improve.
WHY IT MATTERS
The heat increased the use of air conditioning, drought reduced hydroelectric energy, and the conflict complicated imports. With less gas stored, households, power plants, and factories in chemicals, glass, and steel would pay more.
AND FOR YOUR PORTFOLIO
For a long-term portfolio, the risk is on two fronts: companies that use a lot of gas could produce less or earn less, while European electricity and heating bills would rise. Cold weather and conflict will be the key variables.
💬 TELL IT LIKE THIS
“Europe is paying more to store less gas: if a cold winter arrives, families and factories will feel the bill.”