Europe’s natural gas stockpiles are at elevated levels and on track to be full sooner than planned. This gives governments and industries confidence that last year’s energy crisis will not be repeated. The benchmark natural gas prices are one-tenth of the records seen last summer when Russia slashed pipeline supply to Europe. Volatility, however, will continue as prices and demand ahead of and during the coming winter will depend on two factors that are out of EU control—the weather and the contribution of renewable…
