Europe has been delaying its winter gas purchases, betting on a swift end to the war with Iran and a subsequent drop in gas prices—a massive and potentially risky gamble. EU gas storage facilities are currently only 65% full, the lowest level for this time of year in at least 15 years. Companies have been reluctant to buy gas for storage, anticipating that Qatar, the world's second-largest LNG exporter, will be able to resume normal shipping through the Strait of Hormuz this year once the conflict subsides. Now, hopes for a definitive end to the war before winter are waning, pushing LNG prices to a three-and-a-half-year high this week.
