Global Gas: Above-normal injections, still tight storage

European gas prices have climbed above €85/MWh, driven by heightened uncertainty over Qatari LNG supply and tight EU storage levels ahead of the heating season. Dutch TTF is trading at roughly a $2 premium to JKM, attracting LNG cargoes away from Asia for now, although the risk of renewed competition for supply remains. Qatari LNG exports reached 2.2 bcm in September, the highest level since the start of the conflict. EU gas storage reached 74% as of 13 October, still c.15% below seasonal norms. Injections moderated to 1.0bcm w/w from 1.5bcm but remain stronger than last year's 0.2bcm and the 0.9bcm seasonal average. With the recent improvement, UBS now expects storage to reach c.75% by winter, vs. 74% previously, while maintaining a 25% end-winter storage estimate. Storage remains uneven across Europe, with Germany and the Netherlands particularly tight. US natural gas storage rose by 67Bcf, below consensus of +76Bcf, but inventories remain comfortable at 3,567Bcf, or 83% full, as of