Welcome to the Brussels Edition, Bloomberg’s daily briefing on what matters most in the heart of the European Union.
Shortages in Europe are set to precipitate a global scramble for gas — and poorer countries in Asia and South America risk being priced out. For the first time since Russia’s 2022 invasion of Ukraine triggered an energy crisis, Europe might fall short of its storage targets for next winter, setting the stage for a worldwide fight over supplies before new liquefied natural gas capacity starts to ease the situation in 2026. Europe’s gas inventories have been dwindling because of a bout of cold weather and a supply squeeze after Russia ceased pipeline deliveries through Ukraine on New Year’s Day. To make up the gap, Europe will need to import as much as an extra 10 million tons per year of LNG — about 10% more than in 2024. US President-elect Donald Trump meanwhile has threatened tariffs if Europe doesn’t buy more American energy supplies.