Easy Money in European Gas Thwarted by Brimming Stockpiles

Russia has exported record amounts of Natural gas to Europe over the last couple of years. If storage is full, this cannot go on the same way forever. Maybe a price drop could incite Europeans to use more gas. In any case, that’s a fun situation. Russia needs Europe like bread needs yeast. LNG exporters trying to get rid of the excess they have are driven by other considerations. They use Europe as a dump. The incentives are vastly different in each case.

Buying European natural gas in the summer to sell during winter is the most profitable it’s been for eight years — at least on paper. The trouble is there’s no room to store it.

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