History rhyming, but won’t repeat, for EU natural gas

Developments in Ukraine have once again emerged as a key driver of EU natural gas prices. But a combination of lower gas use and the sourcing of alternative supplies in Europe means that the situation is very different to that during the energy crisis. And the build-up of a sizeable net long speculative position in futures markets could be a recipe for large price falls were geopolitical and war fears to recede.

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