Belgium’s Gas Reserves at 25% as Winter Looms
Belgium’s only underground gas storage facility in Loenhout is just 25% full as of early July 2026, raising significant concerns about energy security ahead of the 2026-2027 winter. The critically low reserves come as the ongoing Iran war and the blockade of the Strait of Hormuz continue to disrupt global energy markets, keeping gas prices elevated and supply chains under strain.
Context: A Dramatic Drop from Previous Years
The Loenhout facility, located in the Antwerp province municipality of Wuustwezel, has a commercial capacity of 7.6 terawatt-hours (TWh) — equivalent to the annual consumption of approximately 450,000 households. According to official data from the Belgian Federal Public Service Economy, the storage level on 1 June 2026 stood at just 22% (1.7 TWh). This represents a dramatic decline compared to 75.9% on 1 June 2025 and 71.6% on 1 June 2024.
Since 1 July, one gas supplier has begun filling its booked capacity, according to Fluxys, the Belgian gas transmission system operator. However, because users also withdrew gas from the facility last month, the net storage level has remained at approximately 25%.
Geopolitical Storm: The Iran War Factor
The low storage levels are inextricably linked to the 2026 Iran war, which began on 28 February 2026 with US-Israeli airstrikes. Iran retaliated by blocking the Strait of Hormuz in late March, causing the largest-ever disruption to global oil and gas supplies. Since the conflict began, the EU has collectively spent approximately €53 billion in additional fossil fuel imports.
Energy consultant Dieter Jong explained on Radio 1’s “De Ochtend” that the situation reflects a temporary market phenomenon. “After the 2022 crisis, a lot was invested in LNG capacity. That will normally come to market in 2026-2027. Until a few weeks ago, there was even a fear of a structural oversupply of gas in the market, where you now have shortages,” Jong said.
EU Response: Relaxed Targets, Persistent Risks
In response to the crisis, the European Commission relaxed its mandatory gas storage target from 90% to 80% for the 2026-2027 winter, extending the deadline to 1 December 2026. The EU Energy Union Task Force confirmed on 13 July that “there is no immediate security of supply concern for winter 2026-2027 as storage filling targets remain achievable.”
However, Belgium’s situation is notably more precarious than the aggregate EU picture suggests. Unlike neighbors such as the Netherlands (145 TWh storage capacity) or France and Germany, Belgium has only one small storage facility. The country does benefit from direct pipeline connections to the UK and Norway, as well as an LNG terminal in Zeebrugge, which reduce its reliance on domestic storage.
Market Dynamics: Private Traders Hold the Key
A critical factor in the low storage levels is that gas storage in Loenhout is managed by private gas traders who reserve capacity and decide when to fill it. According to Fluxys, the facility can theoretically be filled within three months. But with gas prices elevated due to the Iran war, traders have been hesitant to purchase and store gas, fearing losses if prices fall.
Energy economist Johan Albrecht (UGent) offered a measured perspective: “The gas price has naturally risen sharply since the start of the war in Iran. But don’t forget: the gas price was also sharply lower in 2025. Actually, we’re now only slightly higher than the level of January 2025. In 2022, the gas price was 2 to 3 times higher.”
What Lies Ahead
The collapse of the interim ceasefire on 8 July and the reinstatement of the US naval blockade on 13 July indicate that the Iran conflict is far from resolved. Continued disruption to Strait of Hormuz shipping will keep global LNG markets tight through the critical storage-filling months.
Belgium faces a race against time. With roughly 4.5 months until the December deadline, the country needs to fill approximately 55% of its storage capacity. While technically feasible, the combination of high prices, geopolitical uncertainty, and private-sector decision-making creates a volatile equation.
The question now is whether the Belgian government will intervene with incentives or mandates to ensure storage targets are met — or whether the country will rely on its diverse import routes and hope for a mild winter.