The futures curve of Europe’s benchmark natural gas prices suggests that traders are now more concerned about immediate supply risks than the upcoming winter heating season. The premium of the October contract to the front-month September futures contract has been smaller this year compared to last year, Bloomberg notes. The narrower premium signals that supply concerns at the end of the summer, due to maintenance in Norway and the Russia-Ukraine war, are now the center of traders’ attention, rather than the next winter season. Europe…
