Europe faces an energy crisis as natural gas storage levels fall below average and the continent commits to phasing out Russian LNG imports by next fall. The Iran conflict is worsening the situation by taking Qatari LNG capacity offline, pushing Asian buyers to turn to U.S. exports. In the United States, diesel prices are hitting record highs with a national average of $5.47 per gallon and reaching $7 in parts of California. The Western Gateway pipeline project, backed by Phillips 66, H.F. Sinclair and Kinder Morgan with a target completion of 2029, could help lower these prices. Among the energy stocks most owned by major hedge funds last quarter are Williams, Chevron and Energy Transfer.
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