How the Iran war is challenging and changing Europe's gas market

After nearly four months, global commodity markets have shown both vulnerability and resilience amid the unprecedented disruptions caused by the Iran war. The European gas market is no exception. In this episode of Energy Evolution, host Eklavya Gupte examines the paradoxes shaping Europe's gas outlook.

Gas prices in Europe have surged since the conflict erupted, yet remain far below the panic-driven highs of 2022 following Russia's invasion of Ukraine. Beneath the surface, however, a new set of risks is emerging: gas storage is filling at its slowest pace in years, and the market's reliance on LNG has left it increasingly exposed to fresh supply shocks.

Matt Hoisch, senior gas and LNG reporter at Platts, part of S&P Global Energy, speaks with Jack Sharples, senior research fellow on the gas research program at the Oxford Institute for Energy Studies, about why prices haven't reached 2022 crisis levels, what current storage figures mean for winter volatility, and how the gas market's growing interconnectedness is amplifying uncertainty.