European gas markets enter winter at record highs after TTF prices soared 340% this summer. The rally was triggered by depleted EU gas stores and driven by global competition for LNG as well as Russia's reluctance to send additional gas volumes via Ukraine.
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A near term re-balancing looks an unlikely prospect with one potential supply-side savior an early approval and startup of the Nord Stream 2 pipeline.
Power prices are closely tied to gas after waves of coal closures, but coal is set for a revival this winter. As such the COP26 climate talks are set to take place in the context of spiraling prices and rising emissions.