Storage is key as Russia-Ukraine talks progress

Europe has enough gas in store to get through anything but a severe winter. (PA)

The fall in winter peak prices in Europe in recent weeks suggests that markets are increasingly optimistic that negotiations between Gazprom and Naftogaz will result in a temporary extension of their transit agreement that will secure gas supplies to Europe over the winter. But even if the talks break down, Europe has enough gas in store to get through anything but a severe winter, and Gazprom’s expansion of its European storage network in recent years puts it in a position to respond quickly in the...