Who blew up gas prices? (It wasn’t just Russia)

Government buying, climate risk and short squeezes may have led to ‘horrendous’ gas market margin calls

In a European gas market squeezed by the lack of Russian supply, no-one quite expected how far and how fast futures would spike this summer.

On August 26, gas futures prices closed at unprecedented highs, prompting firms to scramble for extra cash to meet margin calls and bringing a renewed urgency for legislators to intervene in the market.

“It was a gradual run-up, but then August 26 made it horrendous,” says a head of markets at a large European energy firm, recounting the final weekend in

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