Unquestionably the current global health situation is going to cause a severe economic crisis not seen since the Great Depression. This is already apparent in the dramatic decrease in demand for fossil fuels. Oil is hit especially hard as 60 percent of consumption stems from activities such as driving and flying. The demand for natural gas has fared slightly better with a lower decrease. However, storages in one of the most important gas markets of the world, Europe, are quickly filling up. The EU’s gas market and infrastructure are highly developed with thousands of miles of pipelines connecting consumers with domestic and external producers such as Norway, Algeria, and Russia. Furthermore, the continent’s total regasification capacity stands around 230 bcm which is sufficient to cover approximately 40 percent of total demand. After Asia, the EU is the largest market for LNG. The seasonal nature of the market requires significant […]