Europe’s winter to come

Fear of running out of gas has first pumped prices up and then depressed them. EU stocking up on gas and a warm autumn have set against the Kremlin’s plan. Not to mention the rationing policy and the contraction of production reducing demand. And yet the risk of a fragmentation of the European market looms, as the EU still struggles to implement the agreement: joint purchase of gas, a new benchmark for LNG prices by March 2023 and a dynamic price limit for transactions on the TTf gas exchange