Commodity trader Trafigura and German gas importer Securing Energy for Europe (SEFE) have signed a USD1.5bn five-year loan agreement with a banking syndicate to support a contract for the supply of approximately 150 TWh (~15 bcm) of natural gas to SEFE over five years (SEFE press release, 29/10/2026).
The new agreement replaces an existing four-year supply contract between SEFE and Trafigura, which was due to expire at the end of October 2026. The new contract takes effect on 1 November 2026. Under its terms, Trafigura will deliver 30 TWh/year (around 3 bcm/year) of gas, up from 23 TWh/year (2.2 bcm/year) under the previous deal, according to SEFE. The loan, provided by a syndicate of nine banks, is partially backed by a German government guarantee, the companies said.
European benchmark front-month gas prices reached EUR 100/MWh on 28 October 2026, marking their highest level since December 2022, as the conflict in the Middle East continued to disrupt LNG supplies (Reuters, 29/10/2026).
The agreement comes as Europe seeks to secure gas supplies amid relatively low storage levels. According to the European Union Agency for the Cooperation of Energy Regulators (ACER), EU gas storage facilities were 75% full as of 21 October 2026 (ACER statement, 27/10/2026). The agency noted that European gas inventories remain below historical levels following a slow summer refill. Furthermore, replenishing storage has become more expensive as Europe faces increased international competition for LNG imports.
Consequently, the agency expects the EU to enter the winter with overall storage levels below the nine-year average, despite gas demand remaining approximately 20% lower than during the 2022 gas crisis. Regarding supply sources, US LNG accounts for around 30% of total EU gas supply, while Russian gas represents approximately 11%. No significant volumes of Qatari LNG reached the EU during summer 2026.