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Too Much Gas. Europe’s Energy Crisis Takes a Surprise Turn

  • Gas storage push pays off, with prices down from summer peak
  • Much depends on the weather over the coming winter months
Gas has fallen to the lowest since June but the dangers are still in the market pricing. 

Gas has fallen to the lowest since June but the dangers are still in the market pricing. 

Photographer: Angel Garcia/Bloomberg
Updated on

Europe suddenly has more gas than it can use.

Starved of the Russian imports on which its long relied, Europe has rushed to import liquefied natural gas from around the world to fill up storage. Now, a combination of unusually warm weather and successful bidding for cargoes means facilities are almost full before Europeans have even turned the thermostats up. Gas prices have also fallen back sharply, and are less than a third of their summer peak.