New Gas Crisis Looms over Europe

The European Union’s gas in storage levels are below 30%, benchmark gas prices are the highest in over a year, and QatarEnergy just shut down the world’s single biggest LNG production facility. The situation looks like a recipe for disaster, and the chances of a painless solution are slim. EU’s benchmark natural gas price has gained as much as 60% since the United States and Israel started bombing Iran on Saturday, and while some of these gains were erased this week, significant upside potential remains. Not only has QatarEnergy…