But supplies in Europe have now reached a record low, with natural gas in storage in Europe is 16 percent below the five-year average, a record low for September, according to John Kilduff, partner with Again Capital.
He said: “People are starting to throw the ‘crisis’ word around when it comes to Europe.
“Europe is squarely behind the eight-ball going into the winter season.
“It’s going to put the focus on this commodity that’s been overlooked for the last several years.”
Francisco Blanch, head of commodities at Bank of America, said: “If the winter is mildly cold, it’s going to be problematic for sure.”
Last week, benchmark European gas futures traded in the Netherlands and prices in the UK reached record highs.