Let us begin with the good news. The EU managed to weather the biggest energy crisis in its history and restore stability within the energy market. As winter thaws, European leaders are breathing a collective sigh of relief after a protracted period of natural gas shortages, emergency energy shipments and astronomical energy costs.

There is a sense of cautious optimism as natural gas prices in Europe have continuously fallen since December last year. EU gas storage is in proper shape with 50-55 percent average capacity projected for April, which is a good starting point in preparation for next winter.