Europe struggles to fill natural gas storage as winter nears. Crude oil reaching a new all-time high by December 31 at 11.5% YES.

Europe’s gas stores are historically low for this time of year, as disrupted Middle East LNG flows raise the risk of sharply higher prices this winter.

Europe is losing the battle with Asia for scarce LNG cargoes, pushing TTF gas and northwest European LNG prices to their highest levels since 2023.