European Union natural gas reserves are currently significantly below the five-year seasonal average as the region approaches the end of summer. This situation could force Europe to increase its reliance on liquefied natural gas (LNG) imports and pipeline supplies to meet winter demand. Energy markets are concerned about this low buffer with potential repercussions on crude oil prices. Current pricing reflects a slight increase in the probability of oil reaching a new all-time high by the end of the year.
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