Europe’s feared natural-gas shortage has vanished into vapor, says The Wall Street Journal. Countries that were fearing a dangerous shortage of the critical energy source are now suddenly sitting on a glut of gas.
The surge in supplies is sending prices lower — falling more than 70% from their late-August high — and easing fears of winter fuel shortages and rationing as the continent weans itself off Russian energy.
The dramatic turnaround is the result of a massive logistics undertaking, as Europe began bringing in gas from places including the U.S. and Qatar in an effort that has roiled energy markets. Dozens of liquefied natural gas tankers are floating offshore European ports.
While facilities capable of receiving the super-cooled liquefied natural gas are in short supply, some traders are keeping their cargo aboard ship, hoping prices rise before they unload. Europe’s comfortable position could be temporary. Rough winter weather could boost demand, driving up prices and cutting into supplies.
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