Europe’s Gas Market Faces a Brutal Storage Refill Season

Europe’s benchmark natural gas prices have eased from the three-year highs hit in March as reduced rates of withdrawal at the end of the heating season and news of the U.S.-Iran ceasefire calmed the extremely volatile gas market. But the European market appears too complacent as the real stress test for Europe’s gas supply will unfold in the coming months, analysts say. The European Commission has warned that energy prices will remain elevated for months to come, regardless of ceasefires or an immediate unconditional reopening…