The growing gas shortage is a facet of the energy crisis that deserves special mention. While at the beginning it seemed that supply disruptions would only last for a couple of months, it’s now becoming clear that the lack of gas will remain a pressing issue in the coming winter and it’s unlikely to be resolved until 2024. Gas prices are holding at record highs (see Fig. 1) as intense heat waves continue to sweep across key markets, driven also by a fire at the Freeport LNG export terminal, which has led to the full shutdown of the facility at least until the end of the year, as well as by uncertainty about the completion date for scheduled maintenance works at the biggest pipeline carrying gas to Europe. While in the past consumers in Asia were paying more for natural gas than in Europe (e.g., the average premium in 2018-21 was $1.5 per million BTU), the situation is now reversed: gas in Europe is trading higher than in Asia, with the price differential being $10 per million BTU in July, up from around $3 in June.