Energy crisis in Europe?

Some (especially Northwestern like Austria and Germany) nations keep low stocks of natgas, buying is on spot. These will drive the price up.

This is based on capacity and ability to stock up over the past summer.

Exposure to spot market rates.

Asia is winning bidding wars with Europe for cargos.

There is a question whether Russia really can deliver as much as it says it will. Russia is also looking to fill up its own storage.

Spain suggested to the EU a shared reserve of energy for emergencies.