Europe Enters Winter With Record-Low Gas Reserves as Asia Bids Up LNG Prices and Prices Reach 4-Year Highs

Europe is entering winter with record-low gas reserves, while Asia is bidding up LNG prices.
According to the author, Europe refused to refill its storage because it believed the weekend war narrative and thought prices were about to plummet. Instead, prices are reaching 4-year highs.
The U.S. is the world's biggest LNG exporter, and its export contracts are flexible, meaning cargoes go to the highest bidder. Ships can leave the U.S. and redirect their routes to whoever is willing to pay the most.
The author says that at some point, any price has to be paid, as happened in 2022, and warns to brace for inflation.