Hormuz Crisis Leaves EU Gas Storage Short Heading Into Winter

Hormuz Crisis Leaves EU Gas Storage Short Heading Into Winter

Historically low levels of natural gas in storage sites for this time of year could leave the European Union with a gas shortfall in the winter and could force the bloc to cut demand by 7%, the U.S.-based Institute for Energy Economics and Financial Analysis (IEEFA) said in a report on Friday. European natural gas prices have soared dramatically since the war in Iran trapped a fifth of the world’s liquefied natural gas supply behind the Strait of Hormuz. Since early March, European gas prices have reflected the tight global gas market,…