Europe has gambled its energy security by putting down fossil fuels with costs and regulations and traders unsurprisingly made the bet that it does not pay to fill up storage. I mean, would you buy a lot of stuff that you are constantly told you won’t be able to sell later? Storage still costs money and when the market does not promise gains later on, why pay for something you potentially never need. Security of gas supply has a cost and as long as the Russians fulfill their contractual obligations, they should not be expected to pull us out of our own mess.
The International Energy Agency called on Russia to supply more natural gas to Europe, saying the energy crunch was an opportunity for the country to show it’s a “reliable supplier.”