EU gas goes… negative?

Gas stocks are almost full, but don't rejoice yet

The European spot price for gas dipped into negative territory yesterday. Yes, you read that right: natural gas, that prized energy commodity that Russia has weaponised in its economic war with Europe, was for a moment less than worthless. What was that about scarcity pricing? Rejoice, crisis averted! Right?

Not quite. It’s a lot more complex than that. …