The heightened uncertainty plaguing gas markets so far in 2020 because of Covid-19 is expected to carry through the winter season, but a bright spot is emerging for the United States as liquefaction is expected to resume full operations by November with growing demand in Europe and Asia.

In a webinar Thursday discussing the outlook for winter, Wood Mackenzie research director Ben Chu said U.S. exports to Europe are expected to climb by 3.1 Bcf/d year/year as economic activity continues to recover and storage levels return to more normal levels.

Though European inventories swelled in the spring and early summer, several factors contributed to a much slower pace of injections in the past couple of months, Chu said. Stocks that rose to a 547 Bcf surplus in April have been erased,...