Certainly, European gas buyers under-ordered considerably, neglected their obligation to fill storage capacity over summer, and apparently aren't going back to Gazprom to buy more.

One suspects this is all a matter of underestimation of demand (unexpected economic rebound, French nuclear maintenance), and hardball commercial negotiations : Gazprom will only give extra supply in return for higher baseline prices, for example... at least, that is a sufficient explanation without reaching for political complications.

But perhaps suppliers were anticipating LNG would come to the rescue; gas being perfectly fungible, and Europe well-equipped with LPG terminals.

The short-term squeeze is over, with weather less cold and lower industrial production over the holidays. But all of this is a salutary lesson for Europe. And particularly, for Germany : the whole Energiewende as currently planned, depends heavily on gas to generate peak electricity while shutting down nuclear and coal.

_{It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II}