European natural gas futures rose above €47/MWh on Wednesday but held onto most of the previous session’s losses after the IEA is reportedly proposing the largest ever release of oil reserves to curb rising energy prices. If implemented, this would surpass the 182 million barrels that IEA members injected into the market in 2022 following Russia’s invasion of Ukraine. Earlier this week, G-7 finance ministers also signaled they are prepared to tap strategic reserves if necessary. However, market caution persists as the Strait of Hormuz remains closed, and production at Qatar’s LNG facilities, among the world’s largest, has been suspended. Analysts warn that the halt in Qatari production could erase most of the global LNG supply surplus projected for 2026. The situation is critical for Europe as the region’s gas storage levels are currently below 30% and it will need to import substantial volumes this summer to replenish reserves ahead of the next winter.

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