Europe got hit by roughly $1 trillion from surging energy costs in the fallout of Russia's war in Ukraine, and the deepest crisis in decades is only getting started.
After this winter, the region will have to refill gas reserves with little to no deliveries from Russia, intensifying competition for tankers of the fuel. Even with more facilities to import liquefied natural gas coming online, the market is expected to remain tight until 2026, when additional production capacity from the U.S. to Qatar becomes available. That means no respite from high prices.