Europe’s underground natural gas storage facilities are sitting at just ~54–55% capacity. Without pipeline gas acting as a baseload stabilizer, European storage facilities rely almost entirely on excess liquefied natural gas (LNG) cargoes imported via ocean terminals. Rather than entering autumn with a comfortable buffer, European gas storage risk is worsening as winter approaches. Volatility is back, and energy portfolios hedged on the assumption of cheap, abundant winter gas are exposed to sharp price adjustments. What are your thoughts on Europe’s winter gas balances?