The spread between Europe’s natural gas prices for this winter and next is widening, signaling near-term risks are easing but greater uncertainty ahead. Futures for December 2023 are trading at a discount of about 8% to December 2024, according to ICE Endex data. That’s a reversal from January, when the nearest winter contract traded at a premium. The shift indicates Europe is relatively well-prepared for the coming heating season following a mild winter that allowed it to build up inventories with an influx of liquefied natural gas. But the coming years are more uncertain, as the region adjusts to a new reality with ... (full story)