Is the gas crisis coming? Although Commerzbank’s analysts cannot tell you whether the gas crisis is coming, the risk of a gas crisis in Europe is real.

Russia will continue to reduce its gas exports to Europe

“There are good reasons to assume that Russia will continue to reduce its gas exports to Europe. Whether the imminent servicing of the Nordstream pipeline will be the occasion to do so, is impossible to tell.”

“If the Russian leadership is good at something, then that is to surprise with the timing of its decisions. But the general conclusion remains: the risk of a gas crisis in Europe is real.”