Europe is facing challenges in filling its natural gas storage facilities as winter approaches, which could drive prices above 100 euros per megawatt-hour for the first time since 2019. European gas storage levels are currently below seasonal norms, putting upward pressure on prices. This situation could intensify competition with Asia for limited supplies and increase energy market volatility. If natural gas shortages lead to fuel switching, crude oil demand could rise. The odds of crude oil reaching a new all-time high have increased to 11.5% by December 31, compared to 2.1% by September 30.
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