Soft EU, warm EU, little ball of gas

American LNG cargoes are diverting to Europe in greater numbers as storage drains. Prices are climbing and I spy with my little shortsighted eye that they’re going to go higher than the 50 euro per MWh we saw at the start of the year. Storage was rather full then. The reason for the jump was the anxiety about Russian transit via the Ukraine. Now, we’re talking physical shortage.