US could face its own winter energy crunch as gas production and storage lag while key export hub eyes restart

While Europe scrambles to stock up on natural gas for the winter, the US could face its own energy crunch.

US gas inventories are 10% lower than normal at this point in the year due to a heat wave.

Total domestic gas output has fallen from a peak of 98.7 billion cubic feet per day in the week ending August 6 to 98.6 billion in the week ending August 15.

Two and a half months is when the US heating season starts. The partial reopening of the export hub will take place in October. It could suck off US gas supplies if it comes back online after a fire.

Natural gas is more expensive in Europe than it is in the US. Benchmark prices in Europe have gone up 12% in the month of August. The US price is near 14-year highs.

Global energy markets have been thrown into turmoil by Russia's cuts to European gas deliveries.

Europe's top gas supplier is the US. Asia has stepped up gas purchases as it looks for alternatives to Europe. Asia's benchmark spot price for Liquefied Natural Gas jumped to nearly $60 per million British thermal units.