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Europe's winter of discontent: pivotal role of gas price in crude oil price

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Europe gas storage for winter 2022/23

With the winter just a few weeks away, European energy crisis can only get worse unless the root cause is addressed as soon as practicable. Although the EU has set a target of 80% of the storage capacity by November for member states on the basis of a convenient assumption that President Putin would think twice before using the gas supply to Europe as a weapon, the ground situation has since evolved dramatically with no end in sight for both crises - the war in Ukraine and fuel shortages in Europe.

Since the price of natural gas has become a critical factor in determining the price of crude oil in recent weeks, if the former goes up steeply due to severe supply constraints, that will push the latter through $100 barrier once again, leaving customers in yet another costly lurch, rather than creating an atmosphere of relief.

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