Tightening global supply of oil and gas is putting Europe on course for a difficult winter this year due to the continent’s significant dependence on energy imports, despite energy transition ambitions. Gas in storage is much lower than it should be, and a diesel crunch is threatening fuel oil supply security for the heating season. Europe, and more specifically the European Union, is heavily dependent on LNG imports since it ended Russian pipeline imports amid its Ukraine war-related sanction push. It is very likely that because of those price developments, LNG imports into Europe are down, even though this is active storage refill season. Recently, the EU’s leadership indicated it would lower November targets for gas storage in response to the supply challenges, but lowering the target does not improve the supply security situation.