Thats a hard one-winter problem very likely. Because when this winter is over, anyone with any gas storage capacity will fill up to the brim. And fuller storage is going to take the crisp out of this. But make no mistake – Europe is at a gas deficit and needs to take care of it, Especially as closed nuclear and coal plants make renewable intermittency even worse than it is right now. But given some money and goodwill, those problems would be far easier to mend than Asia’s very hard market inflexibility. Because Asia suffers from both, over and undersupply when it happens.
Asia’s relentless buying of liquefied natural gas earlier this year has left the region so well stocked for winter that spot shipments are being diverted to energy-hungry Europe.