Goldman Says Europe May Need €100 Gas to Build Winter Inventory

Goldman Sachs says European gas prices likely need to climb above €100 ($117) per megawatt-hour in December to rebuild enough inventory to last the winter. The bank argues that even a recent rally in Dutch front-month futures—the benchmark for Europe—won’t be sufficient to offset the amount of storage needed for the season. The note highlights how the timing and level of price moves are tied to winter supply planning across the continent, with higher late-year prices acting as the mechanism to encourage replenishment. Without that level, Goldman implies inventories may fall short heading into winter demand.