Historically low levels of natural gas in storage sites for this time of year could leave the European Union with a gas shortfall in the winter and could force the bloc to cut demand by 7%, the U.S.-based Institute for Energy Economics and Financial Analysis (IEEFA) said in a report on Friday.
European natural gas prices have soared dramatically since the war in Iran trapped a fifth of the world’s liquefied natural gas supply behind the Strait of Hormuz. Since early March, European gas prices have reflected the tight global gas market,…