Europe’s energy crisis is very far from over

off the Spanish coast, a number of slow-moving metallic domes emerged on the skyline. They were tankers, pregnant with superchilled liquefied natural gas () and awaiting delivery at busy “regasification” terminals, where their liquid fuel is turned to gas before being transferred across the continent. Iberia has the biggest facilities in Europe, but congestion is building elsewhere, too. The amount of off European shores has hit 1.2m tonnes, according to Kpler, a data firm, up from 140,000 in August. At least the crews have beautiful weather in which to relax. Across Europe, temperatures are unseasonably warm: southern Spain is still seeing days above 30°C.This combination of plentiful gas and warm weather, which reduces demand for the stuff, is a nightmare for Vladimir Putin, and has led some optimists to declare that an end to is in sight. For months Russia has sought to sow division in Europe and undermine support for Ukraine: first by demanding payment for gas in roubles; then by slashing flows through Nord Stream, its main pipeline to the continent; and then, in September, by shutting the conduit indefinitely. By paying over the odds, Europe has nevertheless managed to fill its storage facilities. As a result, have sunk to $39 per million British thermal units, from $100 in August. Meanwhile, Brent crude, the oil benchmark, sits at $95 per barrel, below the $139 peak it hit in March.