Europe’s Gas Supply Risks Remain Despite Record Storage Levels

Europe’s natural gas prices have jumped by 40% over the past three months despite the EU exiting the winter heating season with a record-high level of gas still in storage. The price move higher during the so-called shoulder season when household gas demand is low was the result of concerns about supply disruptions and an uptick in Asia’s LNG imports due to lower spot prices and heat waves in parts of China as well as India and other Southeast Asian countries. The stronger pull of LNG to Asia has left Europe with fewer imports in the…