Deep Dives
The Spread is Dead
Storage without a signal: the new political economy of Europe’s gas buffer
Guest post
From Moscow to Mar-a-Lago
Europe’s energy dependency has a new address. The continent has made a Faustian bargain with US LNG it doesn’t need.
Chart Deck
Priced for peace?
Markets have priced the US–Iran ceasefire as a fully-fledged peace deal. The 60-day clock, and our models, suggest otherwise.
Deep Dives
Gas industry goes to war over EU storage rules
Eurogas wants EU-wide storage targets to expire in 2027. GIE wants them to continue. Gasunie wants a strategic reserve. Brussels warns that botched intervention is a cure worse than the disease. They cannot all be right.
Breaking news
EU review flags algo-trading risks
But intervention is unnecessary, says Commission’s Gas Market Task Force
Deep Dives
The Price of Vassalage
How Europe’s response to the Hormuz crisis is blunting the very tools it needs to escape import dependency
Chart Deck
The storage-speculation nexus: revisited
Our revamped Chart Deck reveals hedge funds are again positioned to capitalise on Europe’s daunting gas storage refilling challenge
Chart Deck
Dwindling EU gas stocks amplify Hormuz risk premium
Without a deep winter buffer, the European gas market is vulnerable to exaggerated price moves
Chart Deck
Cold shoulder
Too much LNG, not enough comfort
Chart Deck
The cost of volatility
Who pays when risk management itself becomes riskier and more expensive?
Chart Deck
Volatility is exploding. Fundamentals are not
Self-reinforcing volatility loop sustains sudden winter gas price rally, but for how long?
Deep Dives
Europe’s grotesque LNG dilemma
2026 OUTLOOK: The Old Continent’s LNG habit could soon be funding two illegal military interventions on its immediate peripheries